Nigerian Exchange (NGX) closed the final trading session of 2025 on a historic note as the All-Share Index (ASI) hit an unprecedented 155,613.03 points, the highest ever recorded in the Exchange’s history.
The year-end rally pushed the ASI firmly above the long-watched 155,000 psychological level with 51.19% year-to-date return, cementing Nigeria’s position as the best-performing emerging and frontier market exchange globally in 2025.
The index gained 578.31 basis points, representing a 0.37% rise from the previous day’s 155,034.72 points, sealing a three-day streak of sustained market appreciation.
This impressive finish highlights investor optimism supported by macroeconomic reforms, stronger corporate earnings, and rising liquidity inflows into equities.
Market capitalisation surged by N532.94 billion, or 0.54%, to close at N99.376 trillion, up from N98.843 trillion on Tuesday. The rise was significantly influenced by fresh listings and renewed buying interest across major boards.
However, despite the surge in valuation, the market recorded weaker activity levels as volume, value, and total deals dipped sharply, reflecting year-end profit-taking and a slowdown in trading sentiment.
NGX performance indicators for December 31, 2025
- All-Share Index: 155,613.03 points, up +0.37% from 155,034.72 points.
- Market Capitalization: N99.376 trillion, up +0.54% from N98.843 trillion
- Deals: 27,873 deals, down -19.98% from 34,831 deals
- Volume: 1,229,464,841 units, down -73.75% from 4,683,798,116 units
- Value: N35.127 billion, down -9.62% from N38.864 billion
- Year-to-date return: 51.19%, all time highest
NREIT Listing lifts Market Cap as Main and Premium Boards drive gains
A major driver of the day’s strong market capitalisation was the listing by introduction of 1.59 billion units of Chapel Hill Denham Management Limited’s Nigeria Real Estate Investment Trust (NREIT) on the NGX Main Board.
Listed at N103 per unit, the fund entered the market with an implied value of N163.6 billion, boosting the market’s breadth under the N400 billion NREIT Issuance Programme.
The listing contributed to the visible disparity between the ASI’s percentage gain and the sharper rise in total market capitalisation. While the index grew moderately, the additional NREIT valuation significantly expanded the Exchange’s total market size at a critical period in the year.
Further supporting market growth were gains on the Main Board (+0.55%) and the Premium Board (+0.53%), with investors taking positions in high-value blue-chip stocks. However, trading metrics weakened substantially, with daily trade volume falling by -73.75% to 1.229 billion units, value declining -9.62% to N35.127 billion, and total deals sliding -19.98% to 27,873, showing that institutional trades rather than retail activity drove much of the day’s uplift.
NGX Group GMD/CEO: ‘2025 performance reflects resilience, reforms and investor confidence’
Group Managing Director/CEO of NGX Group, Temi Popoola, described the market’s 2025 performance as a testament to Nigeria’s economic resilience and the effectiveness of structural and economic reforms implemented throughout the year.
In a statement obtained by Nairametrics, NGX Group boss said the ability of the capital market to expand despite domestic and global headwinds underlines increasing investor confidence.
Popoola highlighted that policy consistency, targeted reforms, and technological improvements were pivotal to sustaining the year’s momentum. He noted that stronger market structures and enhanced transparency had improved participation and capital formation, broadening access for both institutional and retail investors.
Looking ahead to 2026, Popoola said that NGX Group would deepen collaboration with regulators, issuers, market operators, and policymakers to consolidate gains. He added that the Group remains committed to positioning Nigeria as Africa’s foremost investment hub, supporting economic growth, and unlocking wealth creation opportunities.
Sectoral performance: Insurance and Banking lead as Oil & Gas, Industrial Index dip
Sectoral performance on December 31 was largely positive with the Insurance Index topping the chart after rising 2.17%, reflecting strong investor appetite for underpriced insurance stocks. The Banking Index also advanced 1.40%, driven by renewed interest in tier-1 lenders ahead of expected full-year results and 2026 guidance.
Moderate gains were recorded across the Main Board (+0.30%), Pension Index (+0.62%), and Consumer Goods Index (+0.20%), showing broad-based but measured buying interest.
However, not all segments performed positively as the Industrial Index dipped -0.14%, while the Oil/Gas Index fell -0.55%, dragged down by mild selloffs in energy stocks despite strong showings by heavyweights ARADEL and SEPLAT in value.
In terms of volumes, the ICT sector dominated trading with 718.9 million units, representing 58.48% of total volume. Financial Services followed with 333.6 million units (27.14%), while the Services sector contributed 4.67% of the market quantity traded. The concentration of market activity in ICT underscores the sector’s rising liquidity profile and investor appeal.
Top gainers and losers: ALEX leads advancers as NEIMETH tops decliners
Investor sentiment tilted positive with 47 stocks closing in the green, led by ALEX, AUSTINLAZ, and MEYER—all posting gains above 9%. ALEX appreciated by 9.90% to N21.65, followed by AUSTINLAZ (+9.82%) and MEYER (+9.75%), reflecting renewed demand for small- and mid-cap stocks heading into the new year.
On the downside, 17 stocks recorded losses, with NEIMETH emerging as the worst performer after shedding 9.38% to N5.80. TANTALIZER declined 6.72%, while INTBREW dropped 4.44%, dragging the Consumer Goods space slightly lower. Small losses were also recorded in NPFMCRFBK (-3.13%) and VITAFOAM (-3.06%).
In turnover dynamics, CHAMS led in volume with 710.28 million units, while ARADEL dominated value with N9.52 billion, followed by SEPLAT (N7.11bn), ZENITHBANK (N3.67bn), and MTNN (N1.96bn)—underscoring a market led by high-value, high-conviction trades.
Top 5 Gainers and Losers for December 31, 2025:
- ALEX: Up +9.90%, from N19.70 to N21.65.
- AUSTINLAZ: Up +9.82%, from N3.87 to N4.25.
- MEYER: Up +9.75%, from N11.80 to N12.95.
- CILEASING: Up +9.60%, from N6.25 to N6.85.
- UNIONDICON: Up +9.52% increase, from N6.30 to N6.90.
Top 5 Decliners:
- NEIMETH: Down -9.38%, from N6.40 to N5.80.
- TANTALIZER: Down -6.72%, from N2.68 to N2.50.
- INTBREW: Down -4.44%, from N14.65 to N14.00.
- NPFMCRFBK: Down -3.13%, from N3.83 to N3.71.
- VITAFOAM: Down -3.06%, from N94.90 to N92.00.
NGX sectoral indices for December 31, 2025:
- NGX Insurance Index: Up +2.17% (strongest daily increase)
- NGX Banking Index: Up +1.40%
- NGX Main-Board Index: Up +0.30% (steady growth)
- NGX Pension Index: Up +0.62% (notable growth)
- NGX Consumer Goods Index: Up +0.20%
- NGX Industrial Index: Down -0.14% (slight decline)
- NGX Oil/Gas Index: Down -0.55% (notable decline)
Top 3 Sectors by Quantity Traded:
- ICT (58.48%): Dominated the market by a significant margin, with a total of 718,935,422 units traded, making up the bulk of traded quantities.
- Financial Services (27.14%): The financial sector also performed strongly, contributing 333,625,040 units.
- Services (4.67%): A smaller but notable contribution of 57,456,663 units in trades.
Top 5 Trades by Turnover Volume:
- CHAMS (ICT): Led the volume with 710,280,625 units traded across 321 deals.
- ZENITHBANK (Financial Services): The most traded bank stock with 58,757,731 units in 1,608 deals.
- ACCESSCORP (Financial Services): Followed closely with 57,601,512 units in 2,064 deals.
- FCMB (Financial Services): Had 44,061,701 units traded over 593 deals.
- TANTALIZER (Services): Rounded out the top 5 with 39,940,281 units.
Top 5 Trades by Turnover Value:
- ARADEL (Oil and Gas): Dominated by value with N9,519,465,814 in 778 deals.
- SEPLAT (Oil and Gas): Another oil company with N7,118,375,629 from 253 deals.
- ZENITHBANK (Financial Services): Generated N3,665,178,673 in 1,608 deals.
- CHAMS (ICT): Contributed N2,566,127,179 in 321 deals.
- MTNN (ICT): Had N1,962,654,066 in value from 1,811 deals.
