Honeywell Flour led the losses as the Nigerian Exchange (NGX) ended its five-day winning streak, dropping by 0.23%.
Profit-taking hit major sectors hard, with financial stocks facing the heaviest selling pressure.
The banking, insurance, and consumer goods sectors all saw declines, pulling the All-Share Index down by 227.17 points and wiping ₦131 billion off the market’s value.
Investors rushed to cash in on gains, leaving the market in a cautious mood.
On Thursday, the Nigerian Exchange (NGX) faced a setback, ending its five-day winning streak with a 0.23% loss.
The mood shifted as investors moved to take profits, particularly in the financial sector, which experienced heavy selling pressure.
The banking sector fell by 0.62%, while insurance stocks dropped by 0.57%.
Consumer goods, energy, and industrial goods also declined, contributing to a broader market downturn.
As a result, the All-Share Index (ASI) dropped by 227.17 points, closing at 98,003.75 points.
Market capitalization slipped by ₦131 billion, ending at ₦56.316 trillion.
Honeywell Flour stood out as the biggest loser of the day, plummeting by 9.98% to ₦4.87.
FBN Holdings wasn’t far behind, dropping 9.88% to ₦30.55, while UPDC slumped 9.74% to ₦1.76.
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Other notable declines included Secure Electronic Technology and Tantalizers, both down by 8.82% to 62 Kobo.
The market breadth was negative, reflecting weak investor sentiment with 25 gainers and 26 losers.
Despite this, trading activity was bustling.
A total of 473.1 million shares changed hands, valued at ₦11.4 billion, across 9,848 deals—an increase from the previous day’s 361.3 million shares worth ₦7.6 billion.
Japaul emerged as the top trader, with 106.7 million shares valued at ₦259.8 million.
Other active participants included UAC Nigeria, trading 57.9 million shares for ₦1.2 billion, and Fidelity Bank, which sold 48.7 million stocks worth ₦599.4 million.
Even Honeywell Flour, despite its losses, traded 26.1 million equities valued at ₦139.3 million.
As the session closed, it was clear that while the market faced challenges, the trading activity remained vibrant, highlighting the ever-changing landscape of the NGX.
