At the close of trading on the Nigerian Exchange (NGX) on Tuesday, equities ended negative as profit-taking in blue-chip stocks wiped off N220 billion from market capitalisation.

The downturn followed cautious positioning by investors ahead of the Central Bank of Nigeria’s Monetary Policy Committee (MPC) decision on interest rates.

The All-Share Index (ASI) fell by 0.40 per cent to settle at 140,929.60 basis points, down 568.62 points from the previous session. Consequently, market capitalisation dropped to N79.82 trillion from N80.04 trillion recorded on Monday. Despite the loss, the benchmark index still reflects a robust 36.92 per cent year-to-date return, underscoring sustained investor appetite for Nigerian equities.

Market breadth closed negative, with 35 losers outweighing 16 gainers, indicating broad sell pressure.

On the performance board, Dangote Sugar Refinery led the laggards, declining 10 per cent. Wema Bank followed with an 8.27 per cent loss, Secure Electronic Technology shed 6.25 per cent, Access Holdings dipped 4.98 per cent, while Consolidated Hallmark Insurance fell 4.75 per cent.

On the flip side, Thomas Wyatt Nigeria topped the gainers’ chart with a 9.80 per cent rise. Chellarams Plc gained 9.59 per cent, RT Briscoe Plc advanced 9.50 per cent, Custodian & Allied Plc appreciated 9.40 per cent, while Nigerian Exchange Group rose 6.99 per cent.

Sectoral performance mirrored the broader market trend. The NGX Top 30 Index declined 0.47 per cent, the NGX Industrial Index shed 0.60 per cent, and the NGX Pension Index dropped 0.72 per cent. The Consumer Goods Index posted a modest 0.11 per cent dip, despite recording an impressive 92.23 per cent year-to-date return.

Trading activity remained strong, with investors exchanging 759.1 million shares valued at about N25.72 billion in 23,639 deals. Consolidated Hallmark Holdings led activity with 170 million shares traded, followed by Zenith Bank with 104 million shares. FBN Holdings and Fidelity Bank accounted for 101 million and 52.5 million shares, respectively.

Analysts attributed the sell-off to cautious repositioning ahead of the MPC meeting. They noted that investors are booking profits after the recent rally while awaiting policy direction on interest rates.

Market watchers believe the pullback may be temporary, given the strong year-to-date gains and expectations of fresh liquidity from upcoming corporate actions. They advise bargain hunters to focus on fundamentally strong stocks as price corrections present entry opportunities.

With the MPC decision imminent, trading in the coming sessions is expected to remain mixed as investors weigh interest rate expectations against Nigeria’s strong equity market returns.

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