Sell-offs in bellwether stocks, including BUA Foods Plc, MTN Nigeria Communications Plc and Stanbic IBTC Holdings Plc, weighed heavily on the Nigerian equities market on Tuesday, erasing about N1.14tn in investor value and halting the market’s recent bullish momentum.

Data from the Nigerian Exchange Limited showed that the All-Share Index declined by 0.91 per cent to close at 194,484.61 points. Consequently, market capitalisation also fell by 0.91 per cent to settle at N124.83tn, moderating the year-to-date return to 24.98 per cent.

The dip in the market comes a day after the NGX issued an investor alert. It told the investing public that it had observed significant price movement in the shares of some companies listed on the Exchange during recent sessions. NGX reminded investors that decisions should rely on publicly available information and a careful assessment of companies’ fundamentals, risk profile and financial performance. NGX confirmed it would continue to monitor trading activity to ensure market integrity and compliance with its rules.

“Investors are strongly advised to exercise due diligence before making investment decisions. Avoid speculative trading based on rumours or unverified information. Consult licensed stockbrokers or investment advisers where necessary. The Exchange remains committed to maintaining a fair, orderly, and transparent market,” the Exchange stated.

According to investment research from Cowry Asset Management Limited, investor sentiment was weak amid a broad-based sell-off, with market breadth closing negative at 0.66x after 27 stocks advanced compared with 40 decliners.

Sectoral performance was mixed during the session. The Banking, Oil and Gas, and Industrial Goods indices rose by 1.23 per cent, 0.15 per cent, and 1.92 per cent. The Insurance and Consumer Goods indices lost 1.31 per cent and 4.74 per cent, respectively, offsetting these gains. The Commodity Index closed flat.

Separate analysis by CardinalStone also attributed the bearish close primarily to sell-offs in BUA Foods (-9.99 per cent), MTN Nigeria (-2.56 per cent), Stanbic IBTC (-5.35 per cent) and NB (-1.03 per cent). The firm also noted subdued market sentiment with breadth.

Trading activity showed mixed dynamics. The number of deals dropped by 24.05 per cent to 72,218 transactions, while trading volume declined by 11.74 per cent to 1.14 billion units. Despite weaker participation, total transaction value surged by 69.27 per cent to N53.35bn. Aradel topped the value chart with trades worth N6.4bn, including nearly eight million units executed as off-market transactions across eight tranches, representing 12 per cent of total value traded. Meanwhile, JapaulGold led the volume chart with 102.4 million units exchanged.

Leading the gainers chart were Jaiz Bank (+10 per cent), Infinity Trust Mortgage Bank (+9.93 per cent), FCMB (+9.72 per cent), FTG Insure (+9.09 per cent) and Sterling Financial Holding Company (+7.50 per cent), while Daar Comm and Tantalizer recorded the daily maximum movement in their share price in the red zone. BUA Foods, Ellahlakes and JapaulGold recorded declines of -9.99 per cent, -9.96 per cent and -9.95 per cent, respectively.

Market analysts say the session underscores persistent profit-taking pressures and cautious investor positioning despite strong year-to-date gains.