The Nigerian equities market reversed its recent bullish momentum on Tuesday, as profit-taking and renewed sell pressure dragged key performance indicators lower.

The benchmark All-Share Index (ASI) declined by 0.91 per cent to close at 194,484.61 points, trimming the year-to-date (YTD) return to 24.98 per cent.

In the same vein, market capitalisation fell by 0.91 per cent, translating to a loss of N1.14 trillion in investors’ wealth, as total market value settled at N124.83 trillion.

Investor sentiment remained weak, reflected in negative market breadth, with 27 gainers against 41 decliners, underscoring the broad-based nature of the selloff.

On the gainers’ chart, Jaiz Bank Plc, Infinity Trust Mortgage Bank Plc, FCMB Group Plc, FTN Cocoa Processors Plc, and Sterling Financial Holdings Company Plc recorded the strongest price appreciations.

Conversely, Daar Communications Plc, Tantalizers Plc, BUA Foods Plc, Ellah Lakes Plc, and Japaul Gold & Ventures Plc posted the steepest losses of the session.

Sectoral performance was mixed. The Banking Index advanced by 1.23 per cent, supported by buying interest in select tier-one and mid-tier lenders.

The Oil & Gas Index rose modestly by 0.15 per cent, while the Industrial Goods Index gained 1.92 per cent. However, losses in bellwether consumer names weighed heavily on the Consumer Goods Index, which plunged 4.74 per cent. The Insurance Index also declined by 1.31 per cent, while the Commodity Index closed flat at 0.00 per cent.

Trading activity was largely subdued across most metrics. The total number of deals fell by 24.05 per cent to 72,218 transactions, while trading volume declined by 11.74 per cent to 1.14 billion units.

In contrast, total transaction value surged by 69.27 per cent to N53.35 billion, suggesting the presence of a few high-value block trades despite the overall cautious market tone.

With the pullback moderating the market’s strong YTD performance, analysts expect investors to remain selective, focusing on fundamentally sound stocks amid ongoing portfolio rebalancing and sector rotation.

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