The Nigerian Exchange Limited (NGX) kicked off the festive week on a high note on Monday, December 23, 2025, as a sustained buying interest pushed the overall market capitalisation higher by a significant N256 billion. This positive trend, often called the 'Santa Claus rally,' reflects growing investor confidence in stocks with solid fundamentals.
Market Indices Show Strong Gains
The benchmark All-Share Index (ASI) appreciated by 0.26 per cent, which translates to a gain of 401.69 points, closing the session at 152,459.07 points. Mirroring this upward movement, the total market capitalisation increased to N97.193 trillion, up from the previous session's close.
The day's bullish performance was primarily fueled by notable price increases in several large and medium-capitalised companies. The top performers that drove the market included:
- Presco
- MeCure Industries
- BUA Cement
- NASCON Allied Industries
- Berger Paints
Winners Outpace Losers in Positive Market Breadth
Market sentiment was decidedly positive, with more stocks advancing than declining. A total of 34 gainers outpaced 19 losers, indicating broad-based buying interest.
Leading the pack of gainers was Aluminium Extrusion Industries, which saw its share price jump by 9.72 per cent to close at N13.55. It was closely followed by International Energy Insurance, which rose by 9.69 per cent to N2.49. Other notable advancers were MeCure Industries (+9.64% to N60.30), Royal Exchange (+9.6% to N1.94), and Austin Laz & Company (+9.5% to N2.65).
On the flip side, ABC Transport and Custodian Investment were at the top of the losers' table, each shedding 10 per cent of their value to close at N3.15 and N35.10 respectively. Prestige Assurance declined by 7.41 per cent to N1.50, while Guinea Insurance and Ellah Lakes lost 7.38 per cent and 6.45 per cent respectively.
Analysts Project a Broadly Positive Outlook
Providing insight into the market's trajectory for the week, investment firm Afrinvest Limited stated that the equity market is likely to maintain its positive momentum. This optimism is supported by easing inflation, improving macroeconomic sentiment, and sustained investor appetite for fundamentally strong stocks.
The firm noted that gains are expected to be concentrated in key sectors such as consumer goods, building materials, banking, and insurance. This is as investors strategically position themselves to benefit from earnings resilience and potential relief from inflationary pressures. However, Afrinvest cautioned that intermittent profit-taking is anticipated following the market's strong performance year-to-date, which could temper the pace of further gains.
Despite the rise in value, trading activity saw a significant dip in volume. The total volume of traded shares plummeted by 70 per cent to 451.525 million units. These shares were valued at N13.031 billion and exchanged across 33,327 deals.
Tantalizer led the activity chart with 50.18 million shares worth N127.472 million changing hands. It was followed by First HoldCo with 32.615 million shares valued at N1.493 billion, and Access Holdings, which traded 27.316 million shares worth N562.343 million. Custodian Investment and Chams Holding Company also featured among the most active stocks by volume.
