The Nigerian equities market reversed its recent upward trajectory on Wednesday as sustained profit-taking in banking heavyweights dragged the benchmark index lower, wiping out billions in investor wealth.

Data from the Nigerian Exchange Limited showed that the All-Share Index declined by 37 basis points to close at 200,925.75 points, resulting in a loss of N476.73bn in market value, while the year-to-date return moderated to 29.12 per cent.

Market sentiment remained cautious throughout the session, reflecting an extended period of volatility as investors locked in profits from recent rallies, with analysts noting that buying interest was simply insufficient to sustain the market’s upward momentum.

Selling pressure was most pronounced in key stocks including Fidson Healthcare Plc, Zenith Bank Plc, Transcorp Plc, First Holdco Plc, May & Baker Nigeria Plc, United Bank for Africa Plc, Nigerian Exchange Group Plc, and Lafarge Africa Plc, alongside other laggards that collectively weighed on the overall performance.

As a result, total market capitalisation by 0.37 per cent to N128.98tn, underscoring the bearish undertone of the trading session despite a mixed picture across different sectors.

The Insurance Index led the gainers by rising 0.76 per cent on the back of price appreciation in Guinea Insurance Plc, Sunu Assurances Nigeria Plc, Mansard Insurance Plc, and AIICO Insurance Plc, while the Consumer Goods Index gained 0.38 per cent supported by interest in PZ Cussons Nigeria Plc and Dangote Sugar Refinery Plc.

On the flip side, the Banking Index fell 0.98 per cent due to profit-taking in Zenith Bank Plc and United Bank for Africa Plc, while the Industrial Goods Index slipped marginally by 0.11 per cent and the Oil and Gas Index closed flat.

Trading activity weakened significantly as total volume and value traded plunged by over 55 per cent to 537.99 million units and N25.39bn, respectively, highlighting reduced participation as the near-term outlook remains uncertain, with investors balancing profit-taking against selective bargain hunting.