Nigerian Equities Close Festive Week on a High Note, Market Capitalisation Surges
The Nigerian stock market concluded a shortened trading week, coinciding with the Christmas festivities, on an upward trajectory. Bolstered by a wave of improved investor sentiment, the market saw its capitalisation swell by an impressive N954 billion. This positive momentum was achieved despite a reduced number of trading sessions, underscoring the underlying strength of investor confidence. Both the NGX All-Share Index and the overall market capitalisation registered gains, propelled by strong performances in several large and mid-cap stocks. Trading activity, while moderating week-on-week due to the holiday period, remained robust.
The trading week on the Nigerian Exchange Limited was notably brief, encompassing only three sessions. This reduction was a direct consequence of the Federal Government declaring Thursday, December 25th, and Friday, December 26th, as public holidays to observe the Christmas celebration. Nevertheless, the prevailing market sentiment leaned towards bullishness, indicating sustained investor optimism as the year drew to a close.
By the conclusion of trading on Wednesday, December 24th, the All-Share Index had climbed by 0.97 per cent, closing at 153,539.83 points. Concurrently, market capitalisation saw a 0.98 per cent appreciation, reaching N97.890 trillion from its previous week’s closing figure. These gains were largely attributed to price increases across a spectrum of market sectors, which successfully counteracted the declines observed in a few specific indices.
In terms of trading volume and value, market activity experienced a moderation when compared to the preceding week. This slowdown was primarily a reflection of the fewer trading days available. Over the course of the week, a total of 2.876 billion shares, valued at N63.832 billion, were traded across 80,229 deals. This contrasts with the significantly higher figures of 9.849 billion shares worth N305.843 billion exchanged in 126,584 deals during the prior week.
The financial services industry emerged as the dominant sector in terms of trading activity by volume. It accounted for a substantial 1.984 billion shares, valued at N32.680 billion, transacted within 31,632 deals. This represented a significant 68.99 per cent of the total equity turnover volume and 51.20 per cent of the total value traded. Following closely was the Investment Services industry, which saw 208.695 million shares exchanged, worth N2.264 billion, across 640 deals. The Conglomerates industry secured the third position, with 147.002 million shares valued at N6.085 billion traded in 1,676 deals.
A closer examination of trading highlights reveals that three specific equities – Abbey Mortgage Bank Plc, VFD Group Plc, and Custodian Investment Plc – were at the forefront of market activity during the week. Collectively, these three companies contributed a turnover of 1.471 billion shares, valued at N14.684 billion, executed through 1,093 deals. Their combined turnover represented 51.15 per cent of the total market volume and 23.00 per cent of the total value traded for the week.
A daily breakdown of trading activity illustrates the market’s progression through the shortened week:
- Monday, December 22nd: Investors engaged in the exchange of 451.485 million shares, with a total value of N13.003 billion, across 33,290 deals.
- Tuesday, December 23rd: Turnover saw an improvement, with 677.432 million shares worth N20.784 billion traded in 27,576 deals.
- Wednesday, December 24th: Trading activity reached its peak for the week, recording 1.747 billion shares valued at N30.045 billion exchanged in 19,363 deals. This surge indicated increased positioning by investors ahead of the holiday break.
The market breadth, a measure of the number of advancing stocks versus declining stocks, remained positive, albeit slightly less robust than in the previous week. A total of 44 equities experienced price appreciation, a decrease from the 55 recorded in the preceding week. Thirty equities saw their prices decline, down from 36 previously. Meanwhile, a larger proportion of equities, 73 in total, closed the week unchanged, an increase from the 55 recorded in the prior week.
Sectoral performance was predominantly positive, with most major indices closing higher. Notable exceptions included the Premium Index, the Insurance Index, the MERI Growth Index, and the Lotus II Index, which registered declines of 0.51 per cent, 2.13 per cent, 0.23 per cent, and 0.62 per cent, respectively. The Oil and Gas Index and the Sovereign Bond Index, however, closed the week flat.
On the gainers’ chart, Aluminium Extrusion Industries Plc led the pack with a substantial 32.39 per cent increase, closing at N16.35. Austin Laz & Company Plc followed with a gain of 32.23 per cent, reaching N3.20. International Breweries Plc also demonstrated strong performance, advancing by 20.83 per cent to N14.50. Other notable outperformers included Mecure Industries Plc, which rose by 18.55 per cent, First HoldCo Plc gaining 17.91 per cent, and FTN Cocoa Processors Plc appreciating by 15.38 per cent. International Energy Insurance Plc, Ikeja Hotel Plc, Guinness Nigeria Plc, and Eunisell Interlinked Plc were also among the significant gainers.
Conversely, Legend Internet Plc topped the list of decliners, shedding 11.71 per cent and closing at N4.90. Champion Breweries Plc experienced an 11.50 per cent loss, while NEM Insurance Plc declined by 8.37 per cent. Other equities that closed the week lower included AXA Mansard Insurance Plc, Associated Bus Company Plc, Ellah Lakes Plc, Prestige Assurance Plc, MTN Nigeria Communications Plc, Daar Communications Plc, and Regency Assurance Plc.
Activity within the Exchange Traded Products (ETPs) segment was subdued for the week. A total of 586,286 units valued at N58.597 million were traded across 661 deals. This represents a significant decrease from the 130.300 million units worth N3.079 billion transacted in 1,012 deals in the previous week. Stanbic ETF 30 was the dominant ETP by value, while Vetiva exchange-traded funds recorded notable volumes.
Trading in Federal Government bonds also witnessed a week-on-week decline. Investors traded 32,952 units valued at N34.276 million in 21 deals. In comparison, the preceding week saw 108,736 units worth N110.569 million traded across 43 deals. The FGSUK2033S6 emerged as the most actively traded bond by value.
In corporate actions, the Nigerian Exchange Limited announced the listing of an additional 2.348 billion ordinary shares of 50 kobo each of Chams Holding Company Plc on Tuesday, December 23rd, 2025. These additional shares stemmed from the company’s rights issue, priced at N1.70 per share, based on a ratio of one new share for every two ordinary shares held as of June 16th, 2025. Following this listing, Chams Holding Company Plc’s total issued and fully paid-up shares increased to 9.000 billion.
Furthermore, the NGX informed trading license holders of the activation of the trading code for Fidson Healthcare Plc’s rights issue. This rights issue, which opened on December 19th, 2025, offers 600 million ordinary shares of 50 kobo each at N35.00 per share, on the basis of one new share for every four existing shares held. The offer is scheduled to close on January 30th, 2026.
In summation, the positive close to the Christmas-shortened trading week highlights the persistent investor interest in Nigerian equities. This continued engagement, even amidst fewer trading days, signals that market participants are strategically positioning themselves for the final trading sessions of the year and anticipating potential developments related to corporate earnings and policy shifts in the forthcoming new year.
