The Nigerian stock market reversed gains from the previous trading session on Thursday, as investors recorded a loss of N457 billion following sustained profit-taking activities.

The decline ended a 23-session bullish streak that had driven prices higher across several segments of the market.

The downturn was largely attributed to sell-offs in stocks such as McNicholas, Caverton Offshore Support Group, Ikeja Hotel, FTN Cocoa Processors, Neimeth International Pharmaceutical, alongside 36 other equities that closed the session in negative territory.

Data from the Nigerian Exchange Ltd. showed that market capitalisation, which opened at N106.780 trillion, declined by N457 billion or 0.43 per cent to close at N106.323 trillion.

Similarly, the All-Share Index fell by 0.43 per cent, losing 714.66 points to settle at 166,057.29, compared with 166,771.95 recorded at the close of trading on Wednesday.

Market breadth closed negative, as 41 stocks recorded losses against 36 equities that posted gains during the session.

McNicholas topped the losers’ chart after shedding 9.99 per cent to close at N6.58 per share.

Caverton Offshore Support Group followed closely, declining by 9.47 per cent to close at N7.65, while Ikeja Hotel dropped by 9.43 per cent to end the day at N35.05 per share.

FTN Cocoa Processors depreciated by 9.38 per cent to settle at N7.05, while Neimeth International Pharmaceutical lost 8.91 per cent to close at N9.20 per share.

On the gainers’ table, Nestlé Nigeria led the chart with a 10 per cent appreciation to close at N2,153.80 per share.

NCR Nigeria trailed with a gain of 9.97 per cent to close at N116.90, while Jaiz Bank advanced by 9.92 per cent to end trading at N8.20 per share.

Morison Industries gained 9.90 per cent to close at N5.66, while Mecure Industries rose by 9.84 per cent to end the session at N97.70 per share.

Trading activity improved in volume and value terms, as a total of 1.03 billion shares valued at N31.6 billion were exchanged across 51,227 deals.

This compares with 761.9 million shares worth N29.9 billion traded in 55,751 transactions during the previous session.

The figures represent a 36 per cent increase in trading volume, a six per cent rise in value, and an eight per cent decline in the number of deals executed.

Zenith Bank emerged as the most traded stock by value, recording transactions worth N5.03 billion, which accounted for 15.92 per cent of the total value traded for the day.

In terms of volume, Access Corporation and Zenith Bank dominated trading, accounting for 7.58 per cent and 7.00 per cent of the total shares exchanged, respectively.

Reacting to the market’s negative performance, the Vice President of Highcap Securities, Mr David Adonri, said the market had been fatigued after prolonged sessions of a relentless rally and therefore needed to rest.

Adonri explained that the development was normal, noting that investors were beginning to reposition their portfolios in anticipation of the earnings season, during which listed companies would release their financial results to the investing public.

He added that the market would begin to gather momentum very soon.