The Nigerian equities market closed lower on Wednesday, snapping a recent positive run as profit-taking across key sectors pushed the benchmark index into negative territory.

At the close of trading, the All-Share Index (ASI) of the Nigerian Exchange Limited declined by 0.08 per cent to settle at 196,463.22 points. The marginal drop trimmed the market’s year-to-date (YTD) return to 26.25 per cent, reflecting a slight cooling in investor sentiment after weeks of steady gains.

Similarly, the market capitalisation of listed equities fell by 0.08 per cent, shedding about N101.9 billion to close at N126.1 trillion. The downturn came amid broad-based selling pressure in several sectors of the market.

Market sentiment during the trading session remained largely bearish, with decliners significantly outnumbering gainers. A total of 37 stocks closed in the red compared with 22 that recorded price appreciation, translating to a negative market breadth ratio of 0.6x.

Despite the overall market decline, a number of equities still recorded notable gains. Leading the gainers’ chart were Premier Paints Plc, Fortis Global Insurance Plc, UACN Plc, Eterna Plc, and Custodian Investment Plc, all of which attracted buying interest from investors.

On the flip side, the session recorded notable losses in some bellwether stocks. The worst-performing equities included Dangote Sugar Refinery Plc, Jaiz Bank Plc, Chemical and Allied Products Plc, Union Dicon Salt Plc, and Haldane McCall Plc, which led the decliners’ table.

Sectoral performance mirrored the overall cautious tone of the market, with most indices closing in negative territory. The Consumer Goods Index recorded the steepest drop, declining by 0.86 per cent as selling pressure weighed on major counters in the segment. The Banking Index also slipped by 0.45 per cent, while the Oil and Gas and Industrial Goods indices both posted marginal losses of 0.03 per cent each.

In contrast, the Insurance Index provided a modest cushion to the broader market, gaining 0.33 per cent during the trading session, while the Commodity Index remained unchanged.

Trading activity also weakened compared with the previous session, reflecting reduced investor participation. Total share volume traded declined by 8.49 per cent to 805.25 million units. The number of deals executed fell sharply by 17.8 per cent to 71,312 transactions, while the total value of trades dropped by 13.69 per cent to N38.42 billion.

Market analysts note that the mild pullback may signal a phase of consolidation following the market’s recent rally, with investors likely to adopt a more selective approach in positioning across fundamentally strong counters in the days ahead.

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