Equity investors gained further ground last week as a sustained yuletide rally lifted market capitalisation by N953.4 billion, extending gains despite a shortened pre-Christmas trading week.

The equities market closed on an upbeat note, with investor interest concentrated on mid- and large-cap stocks, particularly in the consumer goods and banking sectors, as portfolio managers repositioned ahead of year-end book closure.

Momentum strengthened as the All-Share Index (ASI) advanced in three of the week’s sessions, crossing the 153,000 psychological mark to close at 153,539.83 points, representing a 0.97 per cent week-on-week gain.

Renewed buying interest in bellwether stocks such as Guinness, Aluminium Extrusion, UBA, and BUA Cement drove the rally, reinforcing bullish sentiment and boosting investor confidence.

Market capitalisation tracked the index higher, rising 0.98 per cent to N97.89 trillion, while market breadth remained firmly positive at 1.5x, with 44 gainers outweighing 30 losers, underscoring the broad-based nature of the advance.

As a result, equity investors recorded N953.4 billion in weekly gains, while the exchange’s year-to-date return improved to 49.17 per cent, cementing 2025 as a strong year for equities.

Trading activity, however, reflected the holiday-shortened week. Total volume and value traded declined by 70.8 per cent and 79.12 per cent week-on-week to 2.88 billion units worth N63.86 billion, while deal count fell by 36.6 per cent to 80,288 trades, from 126,637 in the previous week.

Sectoral performance leaned decisively positive, with five of the six major indices closing in the green. The NGX Consumer Goods and Banking indices led the gainers, advancing 3.34 per cent and 2.93 per cent, respectively.

The Industrial and Commodity indices followed with gains of 1.17 per cent and 0.05 per cent, while the Oil and Gas index closed largely flat.

Analysts at Cowry Research noted that the market continues to display resilience, trading comfortably above key short- and medium-term moving averages, a technical signal supporting the sustainability of the prevailing uptrend.

They added that momentum indicators, including relative strength and trend-following oscillators, continue to point to sustained buying interest, even amid intermittent profit-taking.

Looking ahead, Cowry Research expects bullish sentiment to persist into the final trading days of 2025, albeit with a more cautious tone as profit-taking may moderate sharp upside moves. Investors, the firm advised, should prioritise fundamentally sound stocks with clear earnings visibility and sustainable growth prospects.