The Nigerian Exchange (NGX) recorded intraday losses on Tuesday as profit-taking activities weighed heavily on key equities, particularly Guinness Nigeria Plc and Unilever Nigeria Plc.
During early trading hours, the All-Share Index slipped into negative territory, reflecting cautious investor sentiment amid expectations of a short-term market correction.
Analysts reported that banking stocks and select mid-to-large-cap companies bore the brunt of sell-offs, while only mild bargain hunting was observed in smaller equities. At midday, Alpha Morgan Capital Limited confirmed that the NGX benchmark dipped by -0.08%, driven by broad-based market weakness.
Top decliners included GUINNESS (-7.28%), UNILEVER (-4.58%), AIICO (-2.03%), FCMB (-1.79%), TRANSCORP (-1.14%), and NASCON (-1.11%). Other notable fallers were GTCO (-1.02%), ZENITHBANK (-0.85%), and NAHCO (-0.48%).
Market watchers said the downturn reflected investors locking in recent gains, particularly in the consumer goods and banking segments, amid heightened uncertainty over short-term market direction.
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