The Nigerian equities market reversed recent gains on Wednesday, as sustained profit-taking in banking heavyweights dragged the benchmark index lower, wiping out billions in investor wealth.

Data from the Nigerian Exchange Limited (NGX) showed that the All-Share Index (NGXASI) declined by 37 basis points to close at 200,925.75 points. Consequently, investors lost N476.73 billion in market value, while the year-to-date return moderated to 29.12 per cent.

Market sentiment remained cautious throughout the session, reflecting an extended period of volatility as investors locked in profits from recent rallies. Analysts noted that buying interest was insufficient to sustain the market’s upward momentum.

Sell pressure was most pronounced in key stocks including Fidson Healthcare Plc, Zenith Bank Plc, Transcorp Plc, First Holdco Plc, May & Baker Nigeria Plc, United Bank for Africa Plc, Nigerian Exchange Group Plc and Lafarge Africa Plc, alongside other laggards that collectively weighed on the market’s overall performance.

As a result, total market capitalisation dipped by 0.37 percent to N128.98 trillion, underscoring the bearish undertone of the trading session.

Sectoral performance presented a mixed picture. The Insurance Index led gainers, rising by 0.76 percent on the back of price appreciation in stocks such as Guinea Insurance Plc, Sunu Assurances Nigeria Plc, Mansard Insurance Plc and AIICO Insurance Plc. Similarly, the Consumer Goods Index gained 0.38 percent, supported by buying interest in PZ Cussons Nigeria Plc, NASCON Allied Industries Plc, Dangote Sugar Refinery Plc and International Breweries Plc.

On the flip side, the Banking Index fell by 0.98 percent due to profit-taking in Zenith Bank Plc, First Holdco Plc, Fidelity Bank Plc, United Bank for Africa Plc and Jaiz Bank Plc. The Industrial Goods Index also slipped marginally by 0.11 percent, pressured by losses in Lafarge Africa Plc, while the Oil and Gas Index closed flat.

Trading activity weakened significantly, with total volume and value traded plunging by 55.31 percent and 55.91 percent to 537.99 million units and N25.39 billion, respectively, highlighting reduced market participation.

Analysts say the near-term outlook remains uncertain, as investors continue to balance profit-taking with selective bargain hunting in fundamentally strong stocks.

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