The Nigerian equities market closed lower on Tuesday, halting a rally that it had been on for days.

Data from the NGX indicated that profit-taking in banking stocks was a major driver of the decline. It outweighed gains recorded in consumer goods counters. At the close of trading, the All-Share Index declined from 190,262.44 on Monday to 189,362.94, a 0.47 per cent drop. Market capitalisation correspondingly fell from N122.13tn to N121.55tn.

Trading activity strengthened across most indicators, as the number of deals surged 34.82 per cent to 86,697 transactions and volume traded increased 12.93 per cent to 1.19 billion units, although total transaction value declined 4.44 per cent to N60.19bn.

The NGX Banking Index recorded the sharpest sectoral decline, 3.69 per cent, with major banking counters posting losses; Zenith Bank Plc’s shares fell 10.00 per cent, United Bank for Africa Plc down 6.56 per cent, Access Holdings Plc shed 4.63 per cent, and Guaranty Trust Holding Company Plc declined 2.33 per cent.

The broad-based losses within tier-1 and other banking stocks significantly pressured the overall market.

In contrast, the NGX Consumer Goods Index rose from 4,328.43 to 4,438.58, reflecting strong buying interest in the sector. Notable gainers included BUA Foods Plc, up 5.77 per cent; Nestlé Nigeria Plc, up 2.47 per cent; Unilever Nigeria Plc, up 3.63 per cent; and Cadbury Nigeria Plc, up 1.47 per cent.

The strength in food and household product manufacturers partially moderated the broader market decline.

The NGX Industrial Index eased 0.50 per cent as Dangote Cement Plc recorded a marginal 0.16 per cent gain and Lafarge Africa Plc declined 4.04 per cent.

The NGX Insurance Index slipped from 1,338.63 to 1,330.94, a -0.57 per cent decline. Performance within the sector was mixed: FTG Insurance Plc rose 9.52 per cent, while AXA Mansard Insurance Plc fell 8.77 per cent.

Meanwhile, the NGX Oil & Gas Index was broadly flat, closing at 3,928.51 compared to 3,930.91 previously. Eterna Plc advanced 3.23 per cent, whereas Aradel Holdings Plc dipped 0.25 per cent.

Overall, Tuesday’s trading session reflected sectoral divergence. Gains in consumer goods stocks were insufficient to offset heavy losses in banking.