The Nigerian Exchange (NGX) opened the new trading week on a positive note, extending the momentum from the previous week’s close.
The All-Share Index (ASI) advanced to 147,427.95 on Monday, December 8, 2025, compared to 147,040.08 recorded on Friday, December 5. The movement reflects a 0.26% increase, supported by improved buying interest across medium-cap and select financial stocks.
Market capitalization rose to ₦93.97 trillion, adding approximately ₦250 billion in market value from last week’s close of ₦93.72 trillion.
Total turnover stood at 550.86 million units valued at ₦13.86 billion across 30,090 deals, indicating strong early-week activity despite a decline in volume when compared to the unusually high December month-opening flows.
Market Breadth and Price Performance
Market sentiment was moderately positive, as more equities closed the session in the green. Early trading activity showed gains concentrated in insurance, aviation services, and micro-cap industrials, while the sell pressure was more visible in media, agriculture, and transport services.
Top Gainers (Monday, December 8)
The session was led by Morison, which gained 9.89%, closing at ₦3.89 from ₦3.54. NPF Microfinance Bank advanced 9.85%, while Sovereign Trust Insurance added 9.31%, reflecting improved interest in low-priced financial names.
Price movement summary:
| Symbol | Last Close | Current | Change | % Change |
|---|---|---|---|---|
| MORISON | ₦3.54 | ₦3.89 | ₦0.35 | 9.89% |
| NPFMCRFBK | ₦2.74 | ₦3.01 | ₦0.27 | 9.85% |
| SOVRENINS | ₦2.90 | ₦3.17 | ₦0.27 | 9.31% |
| CAVERTON | ₦4.90 | ₦5.35 | ₦0.45 | 9.18% |
| CHAMS | ₦3.06 | ₦3.30 | ₦0.24 | 7.84% |
The pattern indicates continued rotation into low-price, high-liquidity counters, similar to what drove market volume last week, particularly in ICT and financial services.
Top Decliners
Price weaknesses were more moderate compared to the previous week. Losses remained sector-specific, with declines across transport, media, and livestock feeds.
| Symbol | Last Close | Current | Change | % Change |
|---|---|---|---|---|
| DAARCOMM | ₦0.98 | ₦0.91 | -₦0.07 | -7.14% |
| LIVESTOCK | ₦6.40 | ₦6.00 | -₦0.40 | -6.25% |
| NAHCO | ₦106.50 | ₦100.00 | -₦6.50 | -6.10% |
| UNIONDICON | ₦6.30 | ₦6.00 | -₦0.30 | -4.76% |
| JAIZBANK | ₦4.66 | ₦4.50 | -₦0.16 | -3.43% |
The declines represent profit-taking, especially in NAHCO, which has had strong gains in recent weeks.
Volume Drivers
Trading activity shifted back to mid-tier banking names, following last week’s high concentration in E-Tranzact and Cornerstone Insurance. FCMB led with 129.65 million units, while Japaul Gold, Zenith Bank, and Fidelity Bank followed.
| Symbol | Volume | Value (₦) |
|---|---|---|
| FCMB | 129,653,847 | 1,433,016,011.15 |
| JAPAULGOLD | 63,740,125 | 139,078,569.41 |
| ZENITHBANK | 41,989,261 | 2,709,838,132.60 |
| FIDELITYBK | 36,913,532 | 700,712,436.65 |
| ACCESSCORP | 28,579,634 | 611,135,870.70 |
This reflects a normalization of volumes after last week’s aggressive ICT-led accumulation. The banking sector remains stable, while retail flows continue to drive highly liquid penny stocks.
Fixed Income and ETFs
The market recorded marginal activity across listed FGN savings bonds, with FGS202675 rising from ₦95.10 to ₦100, demonstrating light retail entry. All other FGN series traded unchanged.
ETF activity remained a major point of strength, reflecting institutional repositioning after last week’s rally.
| Symbol | Last Close | Current | Change |
|---|---|---|---|
| NEWGOLD | ₦53,002.00 | ₦59,002.00 | ₦6,000.00 |
| STANBICETF30 | ₦1,645.54 | ₦1,749.90 | ₦104.36 |
| SIAMLETF40 | ₦700.10 | ₦770.11 | ₦70.01 |
| MERVALUE | ₦344.00 | ₦378.40 | ₦34.40 |
| GREENWETF | ₦280.00 | ₦300.01 | ₦20.01 |
The move confirms buy-side rotation into index-linked instruments, typically driven by fund managers tracking broader asset allocations into December.
Comparative Analysis Against Last Week’s Close
A direct comparison with the close of Friday, December 5 shows:
1. Index Stability and Strength
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ASI improved by 0.26% on Monday vs. 2.45% weekly gain last week.
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Momentum remains positive but indicates cooling from the strong rally, as the market adjusts to new price levels.
2. Sector Movement
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Last week’s rally was led by Premium Board (+5.50%), Industrial Goods (+7.38%), Growth (+4.77%).
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Monday’s gains were concentrated in insurance, aviation handling, and small-cap ICT.
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Banking index support continues—aligning with last week’s +3.20% movement.
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Oil and Gas weakened, consistent with last week’s -0.57% decline, indicating sustained bearish sentiment on the sector.
3. Turnover Dynamics
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Last week: 6.62 billion units, mostly from E-Tranzact, Cornerstone, and Access Holdings.
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Monday: 550.86 million units, reflecting lower speculative trading and a return to normalized liquidity.
This shows that the intense accumulation phase seen last week has tapered off, while buying interest remains active on selected counters.
4. Market Breadth Improvement
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Last week: 55 advancers, 29 decliners.
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Monday: streamlined but positive breadth, with gainers leading decliners in ratio driven by rotational interest, not broad market push.
Outlook
The market enters the second week of December with visible institutional positioning, especially in ETFs and large-cap industrials. Retail flows remain concentrated in insurance and penny-priced equities, supported by speculative December trading patterns.
If liquidity continues to stabilize and foreign interest in select financial equities improves, the NGX may sustain the near-term rally toward the 148,000 index level, barring profit-taking pressure.
Final Position
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ASI: 147,427.95
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Market Cap: ₦93.97 trillion
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Session Change: +0.26%
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Sentiment: Positive, moderate volume
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Pattern: Rotation from ICT-heavy flows to broad market activity