The Nigerian equities market reversed part of its recent rally on Thursday, as heavy sell pressures in major cement and banking counters dragged the benchmark index lower, wiping off N1.92 trillion from investors’ wealth.

At the close of trading, the Nigerian Exchange All-Share Index declined by 1.23 per cent to settle at 239,734.61 points, moderating the market’s year-to-date return to 54.06 per cent from 55.98 per cent recorded in the previous session. Consequently, market capitalisation fell to ₦153.86 trillion.

The downturn was largely driven by sharp declines in heavyweight stocks, including Dangote Cement, which dropped 4.9 per cent, BUA Cement down 6.5 per cent, Lafarge Africa Plc losing 5.1 per cent, Access Holdings shedding 5.1 per cent, and Zenith Bank falling 3.1 per cent.

According to data from NGX, the losses in industrial and banking counters outweighed gains recorded in select consumer and insurance stocks, leading to the market’s broad decline despite positive investor sentiment across several mid- and small-cap equities.

Sectoral performance reflected the mixed mood of investors. The Industrial Goods Index posted the steepest decline, falling 5.45 per cent, while the Banking Index lost 1.11 per cent. However, the Insurance Index advanced 1.51 per cent, Oil and Gas rose 0.39 per cent, Commodity stocks appreciated 0.26 per cent, while Consumer Goods gained 0.10 per cent.

Despite the negative close, market breadth remained positive, underscoring sustained buying interest in several counters. 41 gainers outpaced 30 losers, representing a positive breadth ratio of 1.4 times.

CAP Plc and FTN Cocoa Processors led the gainers’ chart with maximum allowable appreciation of 10 per cent each, while Zichis Agro-Allied Industries, Meyer Plc and Berger Paints also recorded notable gains.

On the losers’ table, UPL Plc declined by 10 per cent, while Red Star Express, Skyway Aviation Handling Company, C&I Leasing and Consolidated Hallmark Holdings posted significant losses.

Trading activity remained robust as investors exchanged 1.83 billion shares valued at N72.17 billion in 81,131 deals. The figures represented increases of 29.34 per cent in volume and 21.44 per cent in turnover, although the number of transactions declined by 5.45 per cent.

NEM Insurance emerged as the most traded stock by volume with 360.56 million shares exchanged, while Seplat Energy led the value chart with transactions worth N12.98 billion.

Thursday’s decline may represent a round of profit-taking following the market’s sustained bullish run in recent weeks. However, investors are likely to resume bargain hunting in fundamentally strong counters ahead of Friday’s trading session.

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