Nigerian equity market has declined for the third consecutive day with a loss of 2.68 per cent due to profit taking.

The  market capitalisation shed N343 billion or 2.68 per cent to close at N12.443 trillion against N12.786 trillion achieved early in the week.

In the same vein, the All-Share Index which opened at 37,096.60 lost 994.22 points or 2.68 per cent to close at 36,102.38, amid price depreciation.

Stocks declined for a third consecutive day to reach a 16-day low as more investors embarked on profit taking to take advantage of recent gains in the market.

Dangote Cement topped the losers’ chart, dropping by N11 to N214 per share.

Total Nigeria trailed with a loss of N9.55 to close at N227 and Nigerian Breweries declined by N5 to close at N185 per share.

Guinness depreciated by N1.93 to close at N87.96 and Stanbic IBTC was down by N1.92 to close at N37.03 per share.

On the hand, Nestle Nigeria led the gainers table, growing by N11.90 to close at N1,220 per share.

It was followed by NASCON with a gain of 31k to close at N12, while Union Bank of Nigeria appreciated by 21k to close at N6 per share.

Dangote Sugar also advanced by 13k to close at N12.80 , while Vitafoam added 12k to close at N2.83 per share.

FBN Holdings recorded the highest volume of activities during the day, trading 34.47 million shares worth N206.83 million.

Access Bank followed with an account of 27.43 million shares valued at N276.91 million, while Guaranty Trust Bank traded 25.15 million shares worth N970.78 million.

Jaiz Bank sold 15.08 million shares valued at N11.99 million and Zenith International Bank traded 12.66 million shares worth N284.67 million.

The volume of shares traded closed lower with an exchange of 224.78 million shares valued at N5.09 billion in 4,822 deals.

This was against the 391.63 million shares worth N5.44 billion transacted in 5,285 deals on Tuesday.