At the Nigerian Exchange (NGX), trading is expected to open the week beginning Monday, December 15, on a cautiously optimistic note, as investors weigh year-end portfolio rebalancing, sustained momentum in select large-cap stocks and profit-taking pressures following the recent rally.

Analysts project that market activity is likely to be selective, with institutional investors focusing on fundamentally strong equities, while retail participation remains driven by price movements and corporate actions.

In the week ended December 12, 2025, the NGX All-Share Index (ASI) appreciated by 1.63 percent to close at 149,433.26 points, while market capitalisation rose by 1.64 per cent to N95.264 trillion, reflecting improved sentiment and renewed buying interest in premium and consumer stocks. The performance marked a continuation of the broader year-to-date uptrend, with the ASI delivering a return of over 45 per cent.

Looking ahead, analysts expect the market to remain mildly positive but volatile, as investors react to sector-specific developments and positioning ahead of the Christmas holidays.

Trading volumes may moderate, but price action in heavyweight stocks could continue to shape overall market direction.

Equity trading activity slowed during the review week, with total turnover of 4.373 billion shares valued at N97.783 billion in 110,736 deals, compared with 6.617 billion shares worth N113.224 billion in the preceding week.

The Financial Services industry dominated activity, accounting for over 51 percent of traded volume, followed by the ICT and Oil & Gas sectors.

Trading in E-Tranzact International Plc, Access Holdings Plc and FCMB Group Plc led market volumes, together contributing nearly 44 percent of total equity turnover. Despite heavy trading, E-Tranzact International Plc emerged among the top decliners, suggesting sustained profit-taking in previously active counters.

Market breadth weakened slightly, with 49 equities recording price appreciation, compared with 55 in the prior week, while 41 stocks declined and 57 closed unchanged.

Strong gainers included Morison Industries Plc, Mecure Industries Plc, Japaul Gold & Ventures Plc and PZ Cussons Nigeria Plc, reflecting renewed interest in small- and mid-cap stocks. On the downside, Eterna Plc, UACN Plc and Transcorp Hotels Plc led decliners.

Also, the Exchange Traded Products (ETP) segment recorded improved activity, with 602,500 units valued at N142.056 million traded in 1,498 deals, up from the previous week’s levels. Stanbic IBTC ETF 30 dominated value traded, underscoring continued institutional preference for diversified equity exposure.

Conversely, the bond market saw reduced activity, as total transactions fell to 210,164 units worth N225.125 million in 42 deals, compared with N443.071 million recorded a week earlier. The decline reflects cautious positioning amid yield expectations and liquidity considerations.

Most sectoral indices closed higher, led by the NGX Premium Index, which rose by 3.98 percent, and the NGX Consumer Goods Index, which gained 2.64 per cent.

However, the NGX Banking, Oil & Gas, Sovereign Bond and Commodity indices closed in negative territory, highlighting sector rotation and selective profit-taking.

For the coming week, market participants are expected to maintain a defensive yet opportunistic stance. Bargain hunting in fundamentally strong stocks, coupled with continued interest in consumer and premium names, could support prices. However, profit-taking and thinner liquidity typical of the year-end period may cap upside gains, leaving the market range-bound but resilient as 2025 draws to a close.

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