The Nigerian equity market opened the second trading session of the week on a negative note as the NGX All-Share Index (ASI) declined by 0.33% on Tuesday, 09 December 2025 to close at 146,940.29, compared to 147,427.95 on Monday.
This loss moderated part of the prior week’s rally that lifted the index to 147,040.08 at the close of trading on Friday, 05 December 2025, but the market remains above last week’s performance level.
Total market capitalisation closed at ₦93.66 trillion, lower than ₦93.97 trillion recorded on Monday, reflecting a day-on-day decline of ₦311.85 billion.
Market Activity
Total market activity increased compared to Monday, driven by large block trades in the ICT and Banking sectors.
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Deals: 23,038
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Volume: 1,973,991,400 units
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Value: ₦30.23 billion
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Equity Cap: ₦93.66 trillion
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Bond Cap: ₦50.87 trillion
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ETF Cap: ₦44.36 billion
The session’s liquidity continued to reflect strong institutional participation in mid-large cap equities and high-frequency trades in E-Tranzact.
Top Gainers
Price advances were concentrated in mid-tier equities, and one sovereign instrument listed on the equity board.
| Company | Last Close | Current | Change | % Change |
|---|---|---|---|---|
| LEARNAFRCA | ₦5.75 | ₦6.30 | +₦0.55 | +9.57% |
| MECURE | ₦29.80 | ₦32.40 | +₦2.60 | +8.72% |
| FGSUK2032S5 | ₦101.00 | ₦109.00 | +₦8.00 | +7.92% |
| DEAPCAP | ₦1.60 | ₦1.72 | +₦0.12 | +7.50% |
| INTENEGINS | ₦2.30 | ₦2.45 | +₦0.15 | +6.52% |
Top Decliners
Profit-taking and corrective movement after prior gains dominated among large-cap stocks in Consumer Goods and Industrial sub-segments.
| Company | Last Close | Current | Change | % Change |
|---|---|---|---|---|
| ETERNA | ₦35.50 | ₦31.95 | -₦3.55 | -10.00% |
| AUSTINLAZ | ₦2.30 | ₦2.07 | -₦0.23 | -10.00% |
| TRANSCOHOT | ₦172.80 | ₦155.60 | -₦17.20 | -9.95% |
| IKEJAHOTEL | ₦31.10 | ₦28.10 | -₦3.00 | -9.65% |
| UACN | ₦96.80 | ₦88.00 | -₦8.80 | -9.09% |
UACN and Ikeja Hotel entered a corrective move after a strong multi-session rally last week, confirming sensitive price channels around recent highs.
Volume and Value Leaders
ETRANZACT extended its liquidity dominance for a second consecutive session, accounting for over 52% of market turnover volume.
| Symbol | Volume | Value (₦) |
|---|---|---|
| ETRANZACT | 1,026,518,576 | 7,495,474,574.25 |
| ACCESSCORP | 183,556,738 | 3,768,691,479.45 |
| CORNERST | 115,978,817 | 609,382,036.82 |
| CONHALLPLC | 79,417,729 | 319,320,030.88 |
| FCMB | 78,085,830 | 850,563,765.70 |
The concentration shows strong trading interest in ICT, followed by Banking, while Insurance continued its run of mid-tier liquidity contributions.
Fixed Income Board
Movement was muted across listed fixed-income assets, except for FGS202882 which advanced above par.
| Symbol | Last Close | Current | Change |
|---|---|---|---|
| FGS202882 | ₦100.00 | ₦105.00 | +₦5.00 |
| LAB2033S1 | ₦100.00 | ₦100.00 | 0.00 |
| LFZ2041S1 | ₦100.00 | ₦100.00 | 0.00 |
| NMR2027S3 | ₦100.00 | ₦100.00 | 0.00 |
| UBN2029S3 | ₦100.00 | ₦100.00 | 0.00 |
The primary interest remains in short-dated instruments with higher secondary trading liquidity.
ETF Board
Broad gains were observed across tracked assets, showing continued risk allocation into model-based investment structures.
| Symbol | Last Close | Current | Change |
|---|---|---|---|
| MERGROWTH | ₦500.10 | ₦550.10 | +₦50.00 |
| MERVALUE | ₦378.40 | ₦416.24 | +₦37.84 |
| GREENWETF | ₦300.01 | ₦330.01 | +₦30.00 |
| VETINDETF | ₦64.25 | ₦70.67 | +₦6.42 |
| VETGOODS | ₦34.00 | ₦37.40 | +₦3.40 |
The movement reflects strong upside tracking in both growth and value baskets.
Market Context
Monday vs Tuesday
Despite the decline, the ASI remains above Friday close (147,040.08), maintaining a positive week-to-date performance.
Liquidity Trend
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E-Tranzact has now contributed 6.0bn+ units in five sessions
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Two-day total value on the counter exceeds ₦15.0bn
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Corporate actions, investor positioning ahead of year-end, and accumulated interest in fintech liquidity are driving continued turnover concentration
Data confirms increased institutional and short-term speculative volume around E-Tranzact, with the counter becoming the primary liquidity driver in December’s opening week.
Outlook
Short-term trading flows remain concentrated in:
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High-liquidity ICT assets
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Tier-1 banks on Q3 earnings repositioning
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Select consumer goods with volume acceleration patterns
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Insurance counters with deep liquidity positions
The market remains marginally above last week’s close, indicating stability despite intra-week volatility, with ETF accumulation showing sustained institutional confidence.