Nigeria’s stock market concluded the trading week ending December 24, 2025, on a strong positive note, with the All-Share Index (ASI) advancing by 1,482.45 points despite a shortened trading schedule due to Christmas public holidays. The benchmark index rose 0.97% week-to-date, reaching 153,539.83 from its previous close, driven significantly by gains in prominent large-cap equities. This bullish performance contributed to substantial monthly and annual returns, underscoring robust investor confidence as the year draws to a close.

The impressive weekly gain pushed the All-Share Index to a 6.98% month-to-date increase for December, building on a 7.59% quarter-to-date rise. Notably, the market has delivered a remarkable 49.17% year-to-date return, reflecting a sustained upward trajectory throughout 2025. This strong performance occurred across just three trading days, from Monday to Wednesday, as the Federal Government declared Thursday and Friday as public holidays.

Despite the reduced trading window, equity capitalization mirrored the market’s upward momentum, escalating from N96.9 trillion to N97.89 trillion. However, overall market participation saw a decline, with total traded volume falling to 2.8 billion shares across 80,229 deals, a significant drop from the 9.8 billion shares recorded in the preceding week. This suggests more concentrated buying activity rather than broad-based participation.

Market breadth during the truncated week indicated a positive sentiment, with 44 equities appreciating in price, though this figure was lower than the 55 recorded in the previous week. Conversely, 30 equities experienced a decline, also fewer than the 36 losers from the week prior. This nuanced activity highlights selective investor interest, focusing on specific counters that delivered strong returns.

Sectoral performance was varied, with the NGX Consumer Goods Index leading the pack, posting a robust 3.34% gain. This surge was primarily propelled by significant advancements in bellwether stocks such as International Breweries Plc, which soared by 20.83%, and Guinness Nigeria Plc, which added 9.98%. The NGX Banking Index also performed strongly, advancing 2.93%, largely on the back of First HoldCo Plc’s impressive 17.91% increase.

The NGX Industrial Goods Index recorded a respectable 1.17% rise, with Austin Laz & Company Plc emerging as a standout performer, jumping by an extraordinary 32%. Cement giants BUA Cement and Lafarge Africa Plc also contributed positively, gaining 2.94% and 0.75% respectively. In contrast, the NGX Oil & Gas Index closed flat, while the Insurance Index experienced a notable decline of 2.13%, weighed down by over 7% losses in key players like NEM Insurance Plc and AXA Mansard Insurance Plc.

Among the individual top gainers for the week, Aluminium Extrusion Industries Plc led with an outstanding 32.39% surge, closing at N16.35 per share. Austin Laz & Company Plc followed closely, achieving a 32.23% increase to finish at N3.20. Other significant advancers included Mecure Industries Plc with an 18.55% gain, First HoldCo Plc at 17.91%, and FTN Cocoa Processors Plc, which rose by 15.38%.

Conversely, Legend Internet Plc topped the list of decliners, shedding 11.71% to close at N4.90, while Champion Brewery Plc recorded an 11.50% drop, ending the week at N15.00. Prominent insurers NEM Insurance Plc and AXA Mansard Insurance Plc faced losses of 8.37% and 7.14% respectively, contributing to the sector’s overall weakness. MTN Nigeria Communications Plc also saw a 5.21% decline, impacting the NGX Premium Index’s performance.

The week also featured several notable corporate actions. Fidson Healthcare Plc launched a substantial N21 billion rights issue, offering 600 million ordinary shares at N35 each to existing shareholders. Separately, the Deputy Managing Director of First Bank of Nigeria Limited, a subsidiary of First HoldCo, acquired 12 million shares, signaling insider confidence. Additionally, PZ Cussons Nigeria Plc released its half-year 2025 financial results, and Neimeth International Pharmaceuticals Plc saw a major shareholder, Clinoscope Services Limited, divest 515.3 million shares following a recent bullish run in the stock.

Looking ahead, the Nigerian All-Share Index appears poised to continue its upward trajectory, edging closer to the 155,000-point level. The sustained bullish momentum has already lifted the market beyond the 153,500 threshold, indicating strong underlying demand. Should buying interest broaden across a wider range of equities, analysts anticipate the market could push further, potentially establishing new highs above the 155,000-point mark in the coming trading sessions.

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Keywords: Nigerian stock market, All-Share Index, NGX performance, Christmas week stocks, Top performing Nigerian stocks, Equity capitalization Nigeria, NGX Consumer Goods Index, Market outlook Nigeria 2025