After weeks of strong gains, the Nigerian stock market took a breather on Friday, shedding N516 billion in market value as investors locked in profits.

The Nigerian Exchange’s market capitalisation fell by 0.56%, closing at N92.214 trillion from Thursday’s N92.730 trillion. Similarly, the All-Share Index dropped by 815.80 points to end the session at 145,754.91.

The dip was largely driven by sell-offs in Abbey Mortgage Bank, Custodian Investment Plc, Deep Capital Management, The Initiates, and 25 other stocks.

Despite the loss, market breadth was positive, with more gainers (42) than losers (29).

Champion Breweries led the gainers’ chart, surging 10% to N14.40 per share. Union Dicon Salt and Universal Insurance also gained 10% each, closing at N9.90 and N1.10 respectively. Guinness Nigeria climbed 9.99% to N155.75, while AXA Mansard matched the same percentage gain, ending at N14.64.

On the flip side, Abbey Mortgage Bank slumped 9.87% to N6.30. Custodian Investment Plc fell 8.48% to N40.45, Deap Capital Management dropped 7.53% to N1.35, and The Initiates Plc declined 7.34% to N12. The Nigerian Police Force Microfinance Bank also lost 7.25%, finishing at N3.20 per share.

Trading activity remained strong, with 2.21 billion shares worth N32.4 billion exchanged in 35,036 deals, higher than Thursday’s 1.98 billion shares valued at N27.3 billion. Linkage Assurance topped the activity chart, trading 585.6 million shares valued at N1.17 billion, followed by Universal Insurance with 213.19 million shares worth N234.5 million.

Market analyst David Adonri, Vice President of Highcap Securities, said the dip was normal after a long bullish run. He explained that recent excitement over insurance stocks, fueled by President Bola Tinubu’s signing of the Nigerian Insurance Industry Reform Act (NIIRA 2025), had waned as momentum proved unsustainable.

“No market rally lasts forever,” Adonri noted. “What we’re seeing is a healthy correction as investors take profits after a sustained rise.”

The market’s next moves will depend on corporate earnings updates and investor sentiment in the coming weeks.