The Nigerian equities market sustained its positive momentum into the final week of 2025, closing the last trading Monday of the year with significant gains for investors. The market extended what analysts term a 'Santa Claus rally' following the Christmas break, driven by sustained buying interest across a broad range of stocks.
Market Indices Reflect Bullish Sentiment
The benchmark All-Share Index (ASI) recorded a solid increase of 0.55%, climbing to 154,389.53 points from the previous session's close of 153,539.83 points. This upward movement translated into a substantial wealth gain for market participants. Investors saw their portfolios grow by N541.73 billion in a single day, pushing the total market capitalisation to a formidable N98.43 trillion. Consequently, the market's year-to-date return advanced to an impressive 50.00%.
Market breadth, a key indicator of overall sentiment, remained positive. A total of 40 stocks appreciated in value, while 37 stocks declined. Austin Laz and Company led the pack of gainers, recording a full 10.00% price increase. On the opposite end, International Energy Insurance headed the list of decliners, shedding 10.00% of its value.
Key Drivers and Trading Activity
The rally was powered by notable price appreciation in several bellwether and mid-cap stocks. Guinness Nigeria, Ikeja Hotel, NEM Insurance, Cadbury Nigeria, and Access Holdings were among the major contributors to the day's gains. Notably, Guinness Nigeria, Alex Industries, and Ikeja Hotel each traded above their respective 52-week highs, reaching N349.90, N17.95, and N40.20 per share.
Despite the overall bullish tone, trading activity showed a slight contraction. The total volume of shares traded dipped by 15.96% to 1.47 billion units. These shares were valued at N35.54 billion and exchanged in 47,892 deals. Access Holdings Plc dominated trading activity, accounting for over 40% of the total volume and nearly 35% of the total value. A staggering 594.38 million shares of Access Holdings, worth N12.36 billion, changed hands.
Other actively traded stocks included Champion Breweries, FCMB Group, Japaul Gold and Ventures, and First HoldCo, indicating robust interest across the banking, consumer goods, and industrial sectors.
Context and Major Market Moves
This sustained rally occurs against the backdrop of other significant financial news. Recently, Nigeria's foreign exchange reserves surged to a seven-year high, raising optimism for the naira's stability in the coming year. Furthermore, a major transaction reshaped the ownership of a key listed company. Nigerian billionaire Femi Otedola sold his controlling stake in Geregu Power Plc in a monumental deal worth N1.088 trillion ($750 million). The transaction, financed by a consortium led by Zenith Bank Plc, transferred control to MA'AM Energy Ltd, an Abuja-based integrated energy company.
The consistent gains, exemplified by the N541 billion increase on this single day, underscore a period of renewed confidence in the Nigerian equities market as the year draws to a close. Investors are keenly watching to see if this Santa Claus rally will provide a strong foundation for market performance as the new year, 2026, begins.
