December 2, 2025/CSL Report

• The equities market retraced a portion of the gains recorded in preceding months during November, as investor sentiment weakened and episodes of panic-selling became more obvious. This deterioration was largely attributable to uncertainties around the interpretation and forthcoming implementation of the new Capital Gains Tax (CGT) regime which is scheduled to become effective on 1 January 2026 alongside escalating domestic geopolitical security concerns, which prompted a stated intent by US President Donald Trump to intervene.
• Market breadth declined to 0.28x in November, down from 0.89x in October 2025, with 27 advancers and 96 decliners compared to 50 gainers and 56 losers in the previous month. Consequently, the NGX All-Share Index fell by 6.88% month-on-month to close at 143,520.50 points, reducing the year-to-date return to +39.44%.​
• Average daily volume in the month increased by 5.9% m/m to 553.25 million units, while average daily value also advanced by 3.9% m/m to ₦19.08 billion. The increased market activity reflects the heightened trade levels amidst market uncertainty.
• In November, the equities market experienced a combination of profit-taking and panic-selling that largely offset the positive sentiment generated by strong Q3 2025 earnings releases, corporate action announcements, and the continued moderation in fixed-income yields. Nevertheless, regulatory clarification regarding the cost-basis reset for the forthcoming CGT implementation helped temper the sell-off that characterized the early part of the month.​

December 2025 market prospects

• In December, the Nigerian equities market is expected to exhibit moderate upward momentum, driven by renewed investor confidence and typical year-end portfolio rebalancing. The country’s improving macroeconomic outlook is also likely to reinforce confidence among institutional investors thereby supporting a further strengthening of market sentiment towards year-end.​
• We also anticipate renewed interest in companies that delivered robust 9M 2025 earnings performance, as investors seek good price entry points after the market dip in the prior month. Notably, positive sentiment is expected to build around fundamentally sound defensive bellwether stocks with strong dividend-paying history, as investors rebalance their portfolios to position for potential corporate action announcements.
• On the fixed-income front, yields are expected to remain relatively stable, thereby preserving the comparative attractiveness of equities. Anticipation of another U.S. Fed rate cut in December, along with the potential re-inclusion of Nigerian equities in the MSCI Frontier Index should further support foreign portfolio inflows into the domestic market. In addition, the cost-basis reset provision within the CGT framework is expected to serve as an additional catalyst for improved equities market performance in December 2025.

December 2025 Top 10 Stock Picks

Kindly click on the below link to download the December 2025 monthly stock picks report.

​​​​​​​​​​​​​​​CSL Nigeria Monthly Stock Picks – December 2025.pdf​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​