Trading on the Nigerian Exchange Limited closed on a mildly negative note on Wednesday, as profit-taking in bellwether banking and insurance stocks offset pockets of bargain hunting across consumer and select Oil & Gas counters.

The All-Share Index declined 0.06 per cent to 194,370.20 points from 194,484.61 points, reflecting a modest contraction in equities valuation. Correspondingly, market capitalisation eased to N124.75tn, down from N124.83tn.

Activity metrics diverged, as volume traded increased 21.0 per cent to 1.4 billion, while total value traded dipped 13.4 per cent to N46.2 bn. FTG Insure led the volume charts, accounting for 193.7 million units traded (14.1 per cent of total volume), while Zenith Bank led the value charts with N11.1bn worth of trades (24.0 per cent of total value).

In terms of sectoral performance, the NGX Banking Index retreated, reflecting profit-taking across tier-1 lenders. Losses in key banking names weighed on sentiment, with investors locking in recent gains following the sector’s earlier rally. The NGX Insurance Index also declined, mirroring broad-based weakness across underwriting stocks. The sector recorded several price markdowns, contributing significantly to the day’s negative breadth.

The NGX Oil & Gas Index edged lower to 4,066.48, suggesting mild profit-taking within energy counters despite selective buying interest in some downstream plays. The NGX Consumer Goods Index, however, appreciated, supported by demand in food and beverage counters. Gains in select large-cap consumer names provided partial cushioning to the broader market downturn. The NGX Industrial Index eased marginally as weakness in cement majors tempered the sector’s recent upward momentum.

Market breadth was negative, with 22 gainers against 54 losers, underscoring the predominance of sell pressure despite notable advances in a handful of mid- and large-cap names. Market advances were led by Jaiz Bank, Okomu Oil Palm, and Trans-Nationwide Express, each posting near-double-digit appreciation. Buying interest also surfaced in consumer heavyweight BUA Foods and sugar producer Dangote Sugar, reinforcing strength within the consumer segment.

On the downside, ABC Transport, RT Briscoe, and Skyway Aviation Handling recorded the steepest declines, while weakness in financial services and diversified industrial counters amplified the market’s negative tone.

Wednesday’s session reflects that sector rotation and profit-taking are shaping price action. Investors appear to be adopting a selective accumulation strategy, focusing on fundamentally resilient consumer and energy counters while trimming exposure to the financial sector.

Multiple analysts have warned of the likely pullback in the market driven by profit-taking activities by investors as financial reports come in.