Trading hall of the Nigeria Stock exchange, Lagos. Sell offs in banking stocks at the end of a week-long trading last week worsened the year-to-date returns on the equities to -9.3 per cent thereby pushing market capitalisation down by N257.1bn to close at N12.7tn. The equities market recorded losses on three trading sessions but gained 0.1 per cent and 0.5 per cent on Monday and Wednesday respectively. Consequently, the All-Share Index lost 2.0 per cent week-on- week to 24,336.12 points due to sell-offs in Guaranty Trust Bank (-8.4 percent), Zenith (-5.9 percent) and UBA (-5.5 per cent). Activity level advanced as average volume and value traded rose 30.1 per cent and 7.2 per cent to 144.3m units and N1.5bn respectively. The most traded stocks by volume were FBNH (117.0m units), UBA (63.0m units) and GTbank (51.2m units), while GTbank (N1.1bn), Dangote Cement (N860.9m) and Nigerian Breweries RIES (N834.2m) led by value. Across sectors, performance was unimpressive as all indices dipped week-on-week. The banking index (-7.5 per cent) led the losers’ table following price declines in UBN (-15.1 per cent) and Sterling Bank (-10.9 per cent). Similarly, sell pressures in Berger (-9.4 per cent ), WAPCO (-5.9 per cent), AIICO (-13.1 per cent) and Cornerstone (-9.7 per cent) compelled a 6.4 per cent and 2.2 per cent loss in the Industrial Goods and Insurance indices. Trailing, the Oil and Gas and AFR-ICT indices declined 1.2 per cent and 0.7 per cent respectively due to price depreciation in Oando (-5.0 percent) and MTNN (-1.3 percent). Price slump in Unilever (-18.8 per cent) and NASCON (-13.8 per cent) dragged the Consumer Goods index (-0.5 per cent) down. Investor sentiment as measured by market breadth declined to 0.2x from 0.5x as 13 tickers gained against 56 losers. The top gainers were Okomu OIL (+20.9 percent), Royal Exchange (+5.8 percent) and Prestige (+10.6 percent) while NAHCO (-24.2%), LEARNAFR (-21.5 percent) and Unilever (-18.8 percent) led the decliners.