Onome Amuge
The Nigerian Exchange (NGX) maintained its bullish momentum on Tuesday, with the All-Share Index (ASI) advancing 0.42 per cent to close at 155,034.72 points, marking a robust end to 2025 trading and signaling investor optimism ahead of the new year. Market capitalisation expanded by N411.35 billion to N98.84 trillion, reflecting continued portfolio repositioning by market participants.
Analysts attribute the rally to a combination of sustained investor confidence, end-of-year portfolio adjustments, and selective sectoral strength, with market sentiment registering a breadth ratio of 1.9x. This indicates that advancing stocks, which totaled 46, significantly outnumbered the 24 declining counters. Among the top gainers were Guinea Insurance (GUINEAINS), Julius Berger Nigeria Plc (JBERGER), Honeywell Flour Mills (HONYFLOUR), Austin Laz & Company (AUSTINLAZ), and Multiverse Plc (MULTIVERSE), while LivingTrust Mortgage Bank (LIVINGTRUST), Union Dicon Salt (UNIONDICON), First Holdings Company (FIRSTHOLDCO), Veritas Kapital (VERITASKAP), and Mbenefit Bank (MBENEFIT) recorded the most significant declines.
The Insurance sector led gains with a 1.58 per cent increase, followed by Consumer Goods at 0.84 per cent, Industrial at 0.77 per cent, and Oil & Gas edging up 0.33 per cent. Conversely, the Banking sector retreated 0.48 per cent, while the Commodity sector remained largely unchanged.Â
Trading metrics showed a substantial increase in share volume, which jumped 223.84 per cent to 4.68 billion units, while transaction value rose 10.12 per cent to N38.86 billion. However, the deal count dropped 26.68 per cent to 34,852 trades, indicating a concentration of activity in high-volume counters.Â
Cornerstone Insurance (CORNEST) dominated trading by volume, with 3.6 billion shares exchanging hands, firmly establishing itself as the session’s most active stock. FCMB followed with 302.3 million shares, Wema Bank traded 97.3 million shares, Access Holdings recorded 75 million shares, and Chams Plc completed the top five with 47.5 million shares.
By transaction value, CORNEST again led the market, commanding trades worth N18.5 billion. FCMB followed with N3.3 billion, Zenith Bank recorded N2.2 billion, Wema Bank posted N1.8 billion, and Access Holdings rounded out the top five with N1.6 billion in trades.
Among individual counters, JBERGER, HONYFLOUR, and GUINEAINS posted maximum allowable gains of 10 per cent, reflecting strong investor demand and recovery in key industrial and consumer staples. Austin Laz & Company rose 9.94 per cent to N3.87, while Multiverse climbed 9.88 per cent to N13.35. On the downside, UNIONDICON and LIVINGTRUST both declined 10 per cent, with FIRSTHOLDCO dropping 9.94 per cent, VERITASKAP down 7.47 per cent, and MBENEFIT retreating 7.46 per cent.
High-capitalisation stocks, commonly referred to as SWOOTs, largely ended the session in positive territory. BUA Foods advanced by 3.88 per cent, while BUA Cement gained 2 per cent, reinforcing investor preference for defensive and consumption-driven plays. Among the FUGAZ (fast-growing, aggressive) counters, Access Holdings rose 1.67 per cent, GTCO appreciated 1.62 per cent, and Zenith Bank eked out a 0.24 per cent gain. First HoldCo remained the standout loser in this category with a 9.94 per cent decline, while UBA slipped marginally by 0.37 per cent.
Year-to-date gains and market outlook
The Nigerian stock market has experienced a remarkable year, with the ASI posting a year-to-date gain of 50.63 per cent. Analysts note that reclaiming the 155,000-point psychological level underscores strong market resilience, driven by renewed investor confidence, favourable corporate earnings, and selective capital flows into high-demand stocks.
Tuesday’s rally occurred against the backdrop of heightened investor optimism in Nigeria’s broader energy and industrial sectors. With the Nigerian National Petroleum Company Limited (NNPC Ltd) recently inviting private investors into parts of its upstream portfolio, market observers argue that expectations of increased foreign and local participation in the oil sector may have bolstered sentiment in energy-linked equities.
Meanwhile, improvements in corporate governance, timely reporting of earnings, and strategic portfolio adjustments have kept market participants engaged in a high-volume trading environment, contributing to the record volumes observed.
