Losses in the equities market were extended into the third consecutive trading session on Wednesday as sell-offs in Seplat (-10.0per cent), Nigerian Breweries (-3.6per cent) and International Brewery (-9.9per cent) dragged the benchmark index 38bps lower to close at 24,655.05 points.

As a result, market capitalization declined N49.6bn to N12.9tn while year to date loss worsened to -8.2per cent.

Activity level improved as volume and value traded rose 12.7per cent and 23.8per cent to 189.2m units and N1.9bn respectively. The most active stocks by volume were FBNH (44.4m units), ZENITH (21.3m units) and Access Bank (18.9m units) while Zenith (N349.4m), FBNH (N241.1m) and Seplat (N241.0m) led by value.

Across sectors, performance was mixed as 2 of the 6 indices under review closed northward.

The Insurance and Banking indices gained, up 0.9per cent and 0.2per cent respectively following price appreciation in AIICO (+28.0per cent), Prestige (+4.4per cent), Zenith (+0.9per cent) and FBNH (+0.9per cent).

Conversely, the Oil and Gas and Consumer Goods indices declined 4.1per cent and 1.6per cent respectively due to sell-offs in SEPLAT (-10.0per cent), NIGERIAN BREWERIES (-3.6per cent) and INTBREW (-9.9per cent). Lastly, the Industrial Goods and AFR-ICT indices closed flat.

Analysts at Afrinvest forecast that 'following three consecutive days of sustained profit taking by investors, we do not rule out the possibility of some bargain hunting in subsequent trading sessions.'

© Pakistan Press International, source Asianet-Pakistan