The Nigerian Exchange (NGX) halted its bullish momentum on Thursday, snapping a nine-session winning streak as investors locked in profits across key counters, dragging the market into negative territory.

The benchmark NGX All-Share Index (ASI) declined by 0.43 per cent to close at 166,057.29 points, while total market capitalisation fell by N457.58 billion to N106.32 trillion, reflecting broad-based selloffs despite pockets of sectoral resilience.

Market breadth closed negative, with 41 decliners outweighing 36 gainers, underscoring cautious sentiment following the recent rally that had carried equities steadily into the new year.

On the gainers’ chart, Nestlé Nigeria Plc led the advance, alongside NCR Nigeria Plc, Jaiz Bank Plc, Morison Industries Plc and Med-View Airlines’ healthcare subsidiary, Mecure Industries Plc, as selective bargain hunting persisted in defensive and banking stocks.

However, losses in mid- and small-cap stocks weighed heavily on the market. McNichols Plc emerged as the worst performer, followed by Caverton Offshore Support Group Plc, Ikeja Hotel Plc, FTN Cocoa Processors Plc and Neimeth International Pharmaceuticals Plc, all of which recorded sharp price declines.

Sectoral performance was mixed, reflecting rotation rather than outright risk-off sentiment. The NGX Banking Index topped the sectoral gainers, rising 0.78 per cent on renewed interest in tier-one and select mid-tier lenders. The Consumer Goods Index advanced 0.33 per cent, while the Industrial Goods Index edged up marginally by 0.01 per cent.

In contrast, the Oil and Gas Index led sectoral decliners with a steep 2.21 per cent drop, pressured by selloffs in upstream and services stocks. The Commodity Index fell 1.14 per cent, while the Insurance Index declined 0.24 per cent.

Trading activity painted a mixed picture. Total share volume surged by 35.80 per cent to 1.02 billion units, while transaction value rose 5.83 per cent to N31.59 billion, suggesting increased repositioning by investors. However, the number of deals dropped by 8.11 per cent to 51,227 transactions, indicating fewer but larger trades dominated the session.

Analysts believe that the pullback reflects a healthy correction after a prolonged rally, with investors likely to remain selective in the near term as earnings expectations, macroeconomic signals and sector-specific catalysts shape market direction.

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