The Nigerian equities market recorded a mild pullback on Thursday, highlighting cautious investor sentiment after an extended rally that has pushed year-to-date (YTD) returns to elevated levels.
Data from the Nigerian Exchange Limited (NGX) showed that the All-Share Index (ASI) eased by 0.002 per cent to close at 201,698.89 points, down 4.66 basis points from the previous session. Market capitalisation mirrored the movement, shedding N3 billion to settle at N129.81 trillion, compared to N129.809 trillion recorded a day earlier. Despite the dip, the market’s YTD return remained firm at +29.62%, reflecting sustained bullish undertones.
Market breadth remained positive at 1.4x, with 33 gainers outpacing 24 losers. Leading the advancers’ chart were Unilever Nigeria Plc, Fortis Global Insurance Plc, Multiverse Mining and Exploration Plc, Legend Internet Plc, and Zochis Agro Plc.
Unilever posted the most notable gain, advancing by N9.40 to close at N103.40 per share, while Fortis Global Insurance rose modestly by 11 kobo to N1.23. Multiverse Mining gained N1.80 to N20.15, and Legend Internet appreciated by 54 kobo to N6.30. Zochis Agro also recorded a strong uptick, rising by N1.17 to N4.14.
On the flip side, profit-taking pressures weighed on laggards including John Holt Plc, Abbey Mortgage Bank Plc, International Energy Insurance Plc, Chams Plc, and Tantalizers Plc.
John Holt declined by N1.70 to N15.45, while Abbey Mortgage Bank shed 95 kobo to N8.95. International Energy Insurance fell to N3.32, Chams dipped to N3.75, and Tantalizers closed lower at N4.03.
Sectoral performance was mixed, highlighting rotational positioning by investors. The Insurance index led gainers with a 0.54 per cent increase, followed by Banking, which rose 0.13 per cent. However, losses in Consumer Goods (-0.41%) and Oil & Gas (-0.10%) exerted downward pressure on the broader index. The Industrial and Commodity sectors closed largely flat, indicating limited directional bias.
Trading activity softened significantly, pointing to reduced market participation. Total volume traded declined by 31.33 per cent to 559.98 million shares, while turnover fell 42.14 per cent to N19.26 billion. Deal count also slipped by 5.63 per cent to 49,676 transactions, compared to the previous session’s 52,641 deals.
Activity was concentrated in a handful of tickers. NSL Tech Plc led in volume terms with 59.69 million shares valued at N611.28 million. Wema Bank Plc followed with 51.96 million shares worth N1.35 billion, while VFD Group Plc recorded 36.03 million shares valued at N410.44 million. Access Holdings Plc and Chams also featured prominently in the activity chart.
Market analysts note that the marginal decline reflects mild profit-taking rather than a structural shift in sentiment. With fundamentals still supportive and liquidity conditions relatively stable, investors are expected to re-enter the market with renewed appetite in the next trading session next week.
