The Nigerian Exchange (NGX) closed lower as investors took profits in heavyweight stocks including MTN Nigeria, Aradel Holdings, and Nigerian Breweries, bringing an end to the market’s nine-day rally.
At the close of trading on Thursday, the NGX All-Share Index (ASI) declined by 0.43 percent to settle at 166,057.29 points, reversing recent gains recorded at the start of the year.
As a result, total market capitalisation shed ₦457.58 billion, closing at ₦106.32 trillion, largely due to sell-offs in bellwether stocks amid renewed inflation concerns. Nigeria’s inflation rate recently reversed an eight-month downward trend, with the Consumer Price Index rising to 15.15 percent from 14.45 percent in November.
Market breadth was negative, with 41 stocks declining against 36 gainers, reflecting cautious sentiment among investors. Stocks such as NESTLE, NCR, JAIZBANK, MORISON, and MECURE topped the gainers’ list, while MCNICHOLS, CAVERTON, IKEJA HOTEL, FTN COCOA, and NEIMETH recorded the steepest losses.
The market downturn was largely driven by profit-taking in MTN Nigeria, which fell 4.13 percent, Aradel Holdings, down 5.11 percent, and Nigerian Breweries, which declined 2.33 percent.
Despite the overall market weakness, NESTLE emerged as the session’s best-performing stock, gaining 10 percent, while MCNICHOLS led the laggards with a 9.99 percent drop.
Trading activity painted a mixed picture. Total share volume surged by 35.8 percent to 1.02 billion units, while transaction value increased by 5.83 percent to ₦31.59 billion. However, the number of deals executed fell by 8.11 percent, closing at 51,227 transactions.
Sovereign Trust Insurance (SOVERNINS) dominated the volume chart with 245.2 million shares traded, while Zenith Bank led the value chart, recording trades worth ₦5.0 billion.
Sectoral performance was mixed across the exchange. The Banking Index advanced 0.78 percent, the Consumer Goods Index rose 0.33 percent, and the Industrial Goods Index edged up 0.01 percent, supported by gains in FIRST HOLDCO, NESTLE, and BETA GLASS.
In contrast, sell pressure in Aradel Holdings weighed heavily on the Oil and Gas Index, which declined 2.21 percent, while the Commodity Index fell 1.14 percent. The Insurance Index also closed lower, shedding 0.24 percent, driven by losses in AIICO Insurance.
 closed lower as investors took profits in heavyweight stocks including MTN Nigeria, Aradel Holdings, and Nigerian Breweries, bringing an end to the market’s nine-day rally.){kind=link}