The Nigerian Exchange Group’s (NGX) All-Share Index (ASI) concluded trading on Christmas Eve 2025 with a modest gain, pushing the market’s total equity capitalization to an impressive N97.8 trillion. This slight but significant upward movement reflected a cautious optimism among investors as the festive season commenced. The market’s performance indicated resilience amidst prevailing economic conditions.
On December 24, 2025, the ASI advanced by 185.7 points, or 0.12%, closing at 153,539.8, a marginal increase from its previous close of 153,354.1 points. This incremental growth contributed to a remarkable year-to-date performance, which stood at a robust +49.17%, highlighting a consistently strong bullish trend throughout the year.
Trading activity surged considerably during the session, with market turnover reaching approximately 1.7 billion shares. This figure represented a substantial increase from the 677 million shares recorded in the preceding session, underscoring a heightened level of investor engagement and liquidity in the market. The volume leader, Abbey Mortgage Bank, alone accounted for over a billion shares.
The overall equity capitalization for the All-Share Index saw a slight expansion, rising from N97.7 trillion to N97.8 trillion across 19,372 distinct deals. This growth, though numerically small in percentage terms, signifies continued capital accumulation within the Nigerian equities market, drawing in both institutional and retail investors.
Among the top performers, Guinness Nigeria Plc led the charge, with its shares climbing by an impressive 9.98% to close at N318.60. Following closely, Austin Laz & Company Plc also experienced a significant surge, adding 9.97% to its share price, reaching N3.20. Other notable gainers included International Breweries (INTBREW) and Transcorp Hotels (TRANSCOHOT), both recording substantial advances.
Conversely, several companies registered declines during the session. Legend Internet Plc saw the steepest drop, shedding 9.26% to close at N4.90 per share. AXA Mansard Insurance Plc also faced a significant downturn, falling by 7.14% to N13.00. Jaiz Bank, MTN Nigeria, and NEM Insurance were among other prominent losers, reflecting varied fortunes across the market.
In terms of trading volume, Abbey Mortgage Bank Plc dominated the activity chart, with an extraordinary 1.12 billion shares changing hands, underscoring concentrated interest in the stock. Sterling Financial Holdings Company Plc (STERLINGNG) followed with 127 million shares, while Custodian Investment Plc (CUSTODIAN) ranked third, accounting for 115 million shares traded.
The total value of transactions reflected this concentrated activity, with Abbey Mortgage Bank Plc leading by value, recording trades worth N7 billion. Custodian Investment Plc followed with N4.4 billion, while FBN Holdings (FIRSTHOLD) and Zenith Bank Plc (ZENITHBANK) also posted significant transaction values, indicating robust trading in these financial sector giants.
The segment of Stocks Worth Over One Trillion Naira (SWOOTs) presented a mixed yet largely positive outlook. Transcorp Hotels registered a strong gain of 9.83%, Nigerian Breweries advanced by 1.28%, and BUA Cement saw a modest increase of 0.57%. However, MTNN experienced a 5.21% decline, with Lafarge Africa and Dangote Cement also recording slight losses.
Performance among the major banking stocks, often referred to as FUGAZ (FBN Holdings, United Bank for Africa, Guaranty Trust Holding Company, Access Holdings, and Zenith Bank), was predominantly bullish. United Bank for Africa (UBA) led this group with a 6.6% gain, while FBN Holdings spiked by 5.37%. Zenith Bank and GTCO also recorded positive movements, whereas Access Holdings closed flat.
The consistent positive momentum throughout 2025, culminating in the impressive +49.17% year-to-date return, positions the Nigerian equities market as one of the continent’s top performers. This robust growth reflects underlying economic resilience and strong investor appetite, even as global economic uncertainties persist.
Market analysts project that the All-Share Index, having firmed above the 153,500-point mark, is poised for further advancements. Sustained and broad-based buying interest, particularly in large and mid-cap stocks, could propel the market to new highs, potentially surpassing the 155,000-point level in the early parts of the upcoming year.
