The Nigerian Exchange (NGX) closed in the red on Tuesday, with the All-Share Index (ASI) retreating by 40 basis points, as investors exited positions in key financial and energy stocks.
The bearish trend, largely fueled by profit-taking in banking and oil-related equities, weighed heavily on market sentiment and pushed the ASI down by 0.40%, closing at 140,929.60 points. This marks the second consecutive trading session of decline in year-to-date returns.
Market capitalization also fell in tandem, shedding 0.4% to settle at ₦89 trillion. Consequently, the year-to-date performance of the local bourse moderated to 36.92%.
Profit-taking was most evident in medium- and large-cap stocks such as ARADEL, ACCESSCORP, and FIRSTHOLDCO, which drove the market downturn.
Despite the negative close, overall market activity showed mixed dynamics. Trading volume rose by 10.75%, reaching 460 million units, while transaction value amounted to ₦17 billion across 20,535 deals.
FIRSTHOLDCO emerged as the most actively traded stock, accounting for 100 million units out of the total volume. Meanwhile, GTCO topped the value chart with transactions worth ₦4.1 billion.
Analysts say the sell-offs reflect cautious investor behavior in response to macroeconomic uncertainties and sector-specific pressures, particularly in financial services and oil-related equities.
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