The Nigerian equities market extended its losing streak on Wednesday as the benchmark index closed marginally lower, weighed down by persistent sell pressure across key sectors.

At the close of trading on the floor of the Nigerian Exchange Limited, the All-Share Index dipped 0.06 per cent to settle at 194,370.20 points, trimming the year-to-date return to 24.91 per cent.

In tandem, market capitalisation declined by 0.06 per cent, shedding N73.45 billion to close at N124.75 trillion.

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Investor sentiment remained broadly negative, with market breadth closing at 0.4x as 54 declining counters significantly outweighed 22 gainers, underscoring cautious positioning by market participants.

Leading the gainers’ chart were Jaiz Bank Plc, Okomu Oil Palm Company Plc, Trans-Nationwide Express Plc, FTI Consulting Nigeria Plc, and Champion Breweries Plc, which recorded notable price appreciation during the session.

On the flip side, Associated Bus Company Plc, R.T. Briscoe (Nigeria) Plc, Skyway Aviation Handling Company Plc, McNichols Plc, and Vitafoam Nigeria Plc posted the steepest losses, reflecting sustained sell-offs in select counters.

Performance across sectors was largely mixed. The Consumer Goods Index led the gainers with a 1.19 per cent rally, supported by renewed buying interest in bellwether stocks. The Commodity Index followed, advancing 0.78 per cent.

However, the Insurance Index bore the brunt of the downturn, plunging 3.79 per cent. The Banking Index also retreated by 2.07 per cent, while the Oil & Gas Index dipped 0.24 per cent and the Industrial Goods Index slipped 0.22 per cent.

Trading activity presented a mixed picture. Total share volume rose by 19.32 per cent to 1.36 billion units, suggesting increased market participation.

Conversely, transaction value declined by 14.09 per cent to N45.36 billion, while the number of deals fell 3.57 per cent to 69,642 transactions, indicating that lower-value trades dominated the session.

According to analysts at Cowry Asset Management Limited, near-term market direction will likely be influenced by underlying macroeconomic conditions and company-specific catalysts.

These include the release of 2025 full-year audited results and accompanying dividend declarations, first-quarter 2026 earnings reports, ongoing corporate actions, and the sustainability of both foreign and domestic investor flows.

With sentiment still fragile and sector rotation evident, investors are expected to maintain a cautious stance while selectively positioning ahead of earnings season and dividend announcements.

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