NGX Extends Gains: Why the All-Share Index Edged Up 0.10% Despite Negative Breadth

​The Day in Review: A Modest Advance for the Nigerian Stock Market

​The Nigerian equities market, monitored through the Nigerian Exchange Group (NGX), continued its recent uptrend, extending a rebound with a modest gain on Thursday, December 4, 2025. The benchmark All-Share Index (ASI) advanced by 0.10%, settling at 145,476.15 points.

​This slight positive movement added approximately N97 billion to the market capitalization, which closed the day at N92.73 trillion. This performance followed a substantial recovery seen earlier in the week, driven primarily by strong investor interest in key banking and consumer goods stocks.

​The Dynamics Behind the Mixed Sentiment

​While the headline index (ASI) closed positively, the day’s trading was characterized by a mixed sentiment, indicating underlying caution among investors.

​The Upside: Focus on Blue Chips

​The gains recorded were highly concentrated in specific high-value stocks, referred to as blue chips. Key drivers included:

​Banking Sector: Noteworthy advances were posted by major banks, including a 1.15% rise in GTCO, a 0.83% increase in Zenith Bank, and an impressive 3.28% gain from Wema Bank.

​Top Gainers: Mid- and large-cap stocks led the charge, with UACN hitting the 10% maximum gain to close at N88.00. Other prominent gainers included ETI and Mansard, signaling targeted buying in strategic counters.

​YTD Performance: The 0.10% advance strengthened the overall Year-to-Date (YTD) performance of the ASI to 41.34%, reaffirming the NGX's robust position as one of the top-performing equity markets across Africa in 2025.

​The Downside: Negative Market Breadth

​Despite the positive close in the ASI, the underlying market breadth was negative. This crucial detail reveals the mixed sentiment:

​Losers Outpaced Gainers: A total of 27 stocks recorded losses, while only 22 stocks posted gains. This means more individual stocks declined in value than those that appreciated, reflecting a wider investor caution regarding smaller or mid-cap stocks.

​Decreased Trading Activity: Both the overall volume of shares traded and the value of transactions witnessed a significant dip, falling by 14.15% and 8.47%, respectively. This decline, despite a rise in the number of deals, suggests that the average size of transactions was smaller, reflecting reserved investment appetite.

​Key Trading Activity and Investor Takeaway

​Trading activity was heavily dominated by a single stock, ETranzact Plc, which accounted for the overwhelming majority of the day's volume, transacting over 1.58 billion units.

​The market's performance underscores a selective investment strategy: investors are showing strong confidence and buying interest in established, large-cap banking and consumer goods counters, which are instrumental in boosting the ASI. However, the negative market breadth and decline in overall traded value indicate that this confidence is not universally shared across the board, likely due to broader macroeconomic pressures and cautious positioning for the end-of-year trading period.

​Investors should pay close attention to which sectors are driving the ASI's growth, as this targeted buying suggests a flight to quality and resilience in the face of ongoing market volatility.