The Nigerian equities market opened in December 2025, on a bearish note, as investor sentiment turned cautious and profit-taking dragged the market lower by ₦200 billion in value.
The benchmark All-Share Index (ASI) fell by 0.22% to close at 143,210.33 points, trimming the year-to-date (YTD) return to 39.14%, down from 39.44% in the previous week. Consequently, the market capitalization declined by ₦197.32 billion to settle at ₦91.09 trillion.
The downturn was largely driven by selloffs in major consumer and industrial stocks, including International Breweries (-10.00%), Dangote Sugar (-1.61%), and WAPCO (-0.45%), which offset gains recorded in UBA (+1.51%), Champion Breweries (+8.11%), and AIICO Insurance (+6.34%).
Trading Activity Weakens
Market participation was relatively soft, with total trading volume and value dropping by 19.74% and 6.82%, respectively.
Cornerstone Insurance (-7.83%) dominated trading with 908.82 million shares exchanged, valued at ₦4.59 billion.
Key Market Indicators:
- All-Share Index (ASI): Down 0.22% to 143,210.33 points
- Market Capitalization: Down 0.22% to ₦91.09 trillion
- YTD Return: 39.14%
- Volume of Trades: Down 19.74% to 466.18 million units
- Value of Trades: Down 6.62% to ₦18.67 billion
- Total Deals: Up 40.26% to 28,956 transactions
- Top Gainers: 19
- Top Losers: 26
Top Gainers
- NCR Nigeria: +9.97% to ₦60.10
- SunAssur: +9.18% to ₦4.28
- Champion Breweries: +8.11% to ₦14.00
- Mecure: +7.58% to ₦29.80
- Guinea Insurance: +7.27% to ₦1.18
Top Losers
- International Breweries: -10.00% to ₦10.35
- RT Briscoe: -9.80% to ₦3.10
- Cornerstone Insurance: -7.83% to ₦5.53
- DAAR Communications: -6.52% to ₦0.86
- Regalis: -4.81% to ₦0.99
Market Breadth Negative
The market closed with more laggards than advancers, reflecting investor caution ahead of key macroeconomic updates. Out of all traded equities, 26 declined while 19 gained.
The sell pressure was particularly heavy in the consumer goods and insurance sectors, with International Breweries leading the decline. Cornerstone Insurance also came under selling pressure after a strong institutional accumulation the previous week.
Despite the broader weakness, analysts noted increased block trades in select banking stocks, including Wema Bank, AccessCorp, Fidelity Bank, and Zenith Bank, suggesting that institutional investors are still positioning strategically for year-end.
Market Outlook
The weak start to December follows a volatile close to November. On November 28, the market had gained ₦180 billion in capitalization to close at ₦91.29 trillion, buoyed by modest advances in the Consumer (+0.57%), Banking (+0.25%), and Industrial (+0.17%) sectors.
However, the insurance sector, despite leading trade volumes, ended in the red, reflecting persistent structural weakness and speculative trading patterns.
Monday’s market reversal continues the recent bearish sentiment, suggesting that investors are adopting a more cautious approach as the year draws to a close, amid concerns over liquidity tightening and profit-taking activities.
