The Nigerian Exchange (NGX) lost traction on Wednesday as sell pressure in major medium- and blue-chip stocks erased ₦120.91 billion from market capitalisation.
The All-Share Index (ASI) dropped 0.13% to close at 145,865.48 points, cutting the year-to-date return to 41.72%. Market capitalisation settled at ₦92.28 trillion from ₦92.40 trillion in the prior session.
Despite a broadly positive market breadth, profit-taking activities outweighed buying interest, highlighting strategic moves by investors to lock in gains after a sustained rally.
Trading volume increased 5.06% to 1.34 billion units while turnover fell 16.65% to ₦20.22 billion. The total number of deals eased 1.30% to 30,749 transactions.
UNIVINSURE led the volume chart with 14.43% of all trades, followed by JAPAULGOLD (9.19%), VERITASKAP (6.96%), ACCESSCORP (6.34%), and STERLINGNG (5.09%). ACCESSCORP emerged as the most traded in value terms with 11.64% of total turnover.
On the gainers’ list, FTNCOCOA, LEARNAFRCA, RTBRISCOE, CAVERTON, PRESTIGE, and TRIPPLEG advanced 10% each. Other notable risers included MANSARD (+9.99%), ELLAHLAKES (+9.96%), CONHALLPLC (+9.96%), ABBEYBDS (+9.95%), and CORNERST (+9.94%).
Twenty stocks closed lower, led by THOMASWY with a 10% drop. BERGER fell 6.16%, NB declined 3.90%, WAPCO slipped 2.14%, ZENITHBANK dropped 1.96%, and TRANSCORP shed 1.06%.
Sector performance was mostly negative. The Banking index fell 0.53%, Consumer Goods dipped 0.91%, Industrial Goods eased 0.33%, and Commodities edged down 0.03%. The Insurance index gained 7.94%, while Oil & Gas rose 0.12% on renewed interest in select counters.
Analysts expect profit-taking to remain in the short term, with bargain hunters likely to step in when valuations become attractive.
