Analysts at Afrinvest Securities Limited said they observed that profit-taking and selling pressure persisted across most trading sessions as the equity market trended negative last week, posting four red closes out of five sessions, declining by 245 basis points week-on-week and dragging the year-to-date return to a loss of 92bps.

Specifically, the All Share Index declined by 90bps on Monday after heavy losses in the banking sector.

On Tuesday, the market shed another 102bps with three sectors closing in the red while the industrial goods sector recorded gains.

The market, however, made a mild recovery on Wednesday as it gained 15bps, driven by gains in the consumer goods sector.

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