Nigerian Exchange Limited (NGX) experienced a downturn, ending its four-day gains, as market capitalization took a hit of N216 billion due to selloffs in BUA Cement and 19 other stocks.

The All-Share Index also recorded a decline of 0.75 percent, dropping by 396.35 points to close at 52,209.06 points.

The overall market capitalization value closed at N28.428 trillion, reflecting the N216 billion loss.

The negative performance was primarily driven by price depreciation in large and medium-capitalized stocks, including BUA Cement, Stanbic IBTC Holdings, Africa Prudential, Academy Press, and Caverton Offshore Support Group.

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Despite improved investor sentiment, analysts at Afrinvest Limited expected extended profit-taking to guide market performance.

Vetiva Dealings and Brokerage, on the other hand, anticipated continued interest in the banking sector driven by dividend re-investment and corporate actions. They also predicted a possible green close if there were no significant declines in heavyweight stocks.

However, the market breadth ended positively, with 34 stocks recording gains compared to 20 decliners. Ardova Plc led the gainers with a 10 percent price increase, followed by NCR Nigeria with a gain of 9.91 percent, and Transnational Corporation (Transcorp) with a 9.69 percent rise.

Japaul Gold & Ventures and CWG also recorded significant gains.

Conversely, Caverton Offshore Support Group topped the losers’ chart with a 9.48 percent decline, followed by SUNU Assurance and BUA Cement.

Academy Press and Africa Prudential also experienced price declines.

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The total volume traded decreased by 13.52 percent to 554.312 million units, valued at N5.96 billion, in 5,168 deals. Access Holdings recorded the highest activity with 139.287 million shares worth N1.465 billion.

FBN Holdings and FCMB Group were also actively traded during the session. United Bank for Africa (UBA) and Zenith Bank were among the other notable stocks that experienced trading activity.