The Nigerian equities market began the week on a bearish note, reversing previous gains as profit-taking in major banking stocks weighed on overall performance.

The All-Share Index (ASI) of the Nigerian Exchange (NGX) dipped by 0.10 percent to close at 155,496.15 basis points, trimming the year-to-date return to 51.08 percent and the month-to-date return to 9.0 percent.

Also, market capitalisation fell by ₦94.53 billion to settle at ₦98.70 trillion.

The downturn was largely attributed to losses in tier-one banking stocks such as United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), Zenith Bank and Access Holdings, which collectively dragged the benchmark index lower after dipping in share value by 4.3 percent, 2.0 percent, 2.5 percent and 5.4 percent, respectively.

Market sentiment remained weak, as losers outnumbered gainers, with a market breadth recording 25 gainers and 33 losers.

Top gainers included Aradel Holdings, NEM Insurance, Aso Savings and Loans, Eterna and Chams, while Deap Capital Management and Trust, Champion Breweries, Red Star Express, Wapic Insurance and Universal led the laggards.

Sectoral performance was broadly mixed. The Oil & Gas, Commodities and Insurance indices advanced by 4.24 percent, 2.31 percent and 1.09 percent, respectively, buoyed by gains in Aradel, Eterna and NEM Insurance.

In contrast, the Banking and Consumer Goods indices declined by 1.98 percent and 0.65 percent, respectively, while the Industrial Goods index closed flat.

Trading activity was mixed, with total volume declining sharply by 58.5 percent to 503.00 million units, while the value of trades dropped by 20.8 percent to ₦24.94 billion.

However, market participation intensified, as the number of deals increased by 33.3 percent to 39,972. Access Holdings emerged as the most traded stock by volume, with 68.92 million shares, while Aradel Holdings led in value terms with transactions worth ₦5.63 billion.

Despite the cautious start to the week, analysts noted that investors remain confident in market fundamentals, supported by expectations of strong corporate earnings and ongoing sectoral reforms that continue to underpin long-term optimism in the Nigerian capital market.

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