The bullish momentum on the Nigerian Exchange Limited (NGX) stalled sharply on Wednesday as investors executed aggressive profit-taking in high-capitalisation stocks.
The selling pressure wiped N800bn off the total market valuation in a single session, halting a recent rally and signaling renewed caution among market participants.
The sell-off was concentrated in large-cap names, with heavy trading activity in stocks such as MTN Nigeria and Zenith Bank.
This intraday reversal underscores the fragility of the recent upward trend, as traders opted to lock in gains rather than chase further upside.
The move reflects a broader risk-averse sentiment that has characterized the market's behavior in recent weeks.
This latest decline adds to a turbulent start to the month for Nigerian equities.