NGX ends 23-session rally as profit-taking wipes N457bn off investors’ portfolios

The Nigerian stock market closed in negative territory on Thursday, bringing to an end a 23-session bullish run as investors lost a combined N457 billion following widespread profit-taking.

The pullback reversed gains recorded in the previous trading session at the Nigerian Exchange Limited (NGX), as investors cashed in on stocks that had enjoyed sustained price appreciation in recent weeks.

Market capitalisation declined by N457 billion, or 0.43 per cent, to close at N106.323 trillion, compared with N106.780 trillion recorded on Wednesday.

Similarly, the NGX All-Share Index (ASI) shed 714.66 points, representing a 0.43 per cent decline, to settle at 166,057.29, down from 166,771.95 in the preceding session.

Market breadth closed negative, reflecting a slight dominance of losers over gainers. A total of 41 stocks depreciated, while 36 equities recorded gains at the close of trading.

Heavyweights and mid-cap stocks that weighed on the market included McNicholas, Caverton Offshore Support Group, Ikeja Hotel, FTN Cocoa Processors, and Neimeth International Pharmaceuticals, among others.

On the flip side, Nestlé Nigeria led the gainers’ table, supported by price appreciation in NCR Nigeria, Jaiz Bank, and Morison Industries.

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Despite the market decline, trading activity remained strong. Investors traded a total of 1.03 billion shares valued at N31.6 billion across 51,227 deals during the session. This compares with 761.9 million shares worth N29.9 billion exchanged in 55,751 transactions in the previous trading day.

The data indicate a 36 per cent increase in trading volume and a six per cent rise in transaction value, although the number of deals declined by eight per cent.

Zenith Bank emerged as the most traded stock by value, with transactions worth N5.03 billion, accounting for 15.92 per cent of the total value traded on the exchange.

In terms of volume, Access Corporation and Zenith Bank dominated trading activity, contributing 7.58 per cent and 7.00 per cent of total shares traded, respectively.

The market’s decline followed a strong performance on Wednesday, when equities extended their rally and added N598 billion to investors’ portfolios, underscoring the role of profit-taking in Thursday’s reversal.

Analysts say the pullback reflects normal market corrections after an extended rally and expect trading to remain volatile in the near term as investors rebalance portfolios and assess emerging economic and corporate developments.