On Wednesday, the Nigerian Exchange Limited (NGX) concluded its trading day with a slight downturn as profit-taking activities in significant banking and insurance stocks overshadowed some bargain hunting in consumer and select Oil & Gas sectors. The All-Share Index experienced a minor decrease of 0.06 per cent, dropping to 194,370.20 points from 194,484.61 points, indicating a slight reduction in the valuation of equities within the market. As a result, the total market capitalization decreased to N124.75 trillion, down from N124.83 trillion, reflecting the challenging trading climate.

The trading activity showcased a mixed performance with overall volume traded rising by 21.0 per cent to 1.4 billion shares, while the total value of trades saw a decline of 13.4 per cent, settling at N46.2 billion. Notably, FTG Insure emerged as the leader in volume, contributing 193.7 million shares or 14.1 per cent of the total volume traded, whereas Zenith Bank led in value, recording N11.1 billion in trades, which accounts for 24.0 per cent of the total value.

Sector-wise, the decline in the NGX Banking Index was notable, primarily driven by profit-taking among top-tier banks. This downturn reflected investors' sentiments as they opted to secure profits from recent price increases in key banking institutions. The cumulative effect of these trading dynamics contributed to the bearish market trend observed on the exchange, suggesting a cautious approach among investors in light of prevailing economic conditions.