The Nigerian stock market continued its impressive year-end run on Tuesday, December 24, 2025, delivering a significant boost to investor portfolios. The bullish sentiment, often termed a 'Santa Claus rally,' remained firmly in control, leading to a substantial appreciation in market value.
Market Indices Post Strong Gains
The trading session concluded with notable advances across key benchmarks. The NGX All-Share Index (ASI) increased by 895.07 points, representing a growth of 0.59 per cent, to close at 153,354.14 points. Mirroring this upward trajectory, the total market capitalisation appreciated by N579 billion, also a 0.6 per cent gain, settling at a formidable N97.772 trillion.
A technical note from the day's activity was the listing of 7.62 million units of Chams Holding Company Plc shares. This corporate action introduced a minor 0.01 per cent discrepancy between the percentage increases recorded by the ASI and the market capitalisation figures.
Drivers of Growth and Market Sentiment
The market's positive performance was primarily driven by buying interest in medium and large-capitalised stocks. Key contributors to the upturn included:
- BUA Foods Plc
- Eunisell Interlinked Plc
- MeCure Industries Plc
- First Holdings Company (First HoldCo)
- Nigerian Exchange Group Plc
Providing insight into the market's near-term outlook, analysts at Imperial Asset Managers Limited observed a climate of cautious optimism. They attributed this sentiment to the market's strong year-to-date performance and sustained investor interest in fundamentally sound, liquid stocks. However, they noted that trading activity could become selective and range-bound as investors strategically position their portfolios ahead of year-end rebalancing.
Gainers, Losers, and Trading Activity
Market breadth ended positive, with 29 gainers outnumbering 27 losers. The top performers for the day were:
- Aluminium Extrusion Industries Plc: Gained 9.96% to close at N14.90.
- Austin Laz & Company Plc: Rose by 9.81% to N2.91.
- Custodian Investment Plc: Appreciated by 9.69% to N38.50.
- First HoldCo: Increased by 9.35% to N50.30.
- FTN Cocoa Processors Plc: Up by 8.74% to N5.10.
On the opposing side, Royal Exchange Plc led the laggards with a 7.22% decline to N1.80. Other notable declines were seen in Champion Breweries Plc, NASCON Allied Industries Plc, Sovereign Trust Insurance Plc, and Japaul Gold & Ventures Plc.
Trading activity witnessed a significant surge in volume. The total volume of shares traded jumped by 50.03 per cent to 677.433 million units. These shares were valued at N20.784 billion and exchanged in 27,589 deals.
VFD Group Plc dominated the activity chart with 191.972 million shares worth N2.073 billion changing hands. It was followed by Guaranty Trust Holding Company (GTCO) Plc with 63.45 million shares valued at N5.59 billion, and Access Holdings Plc which saw 49.774 million shares traded for N1.022 billion.
