NSE market capitalisation sheds N352bn

Transactions on the Nigerian Stock Exchange (NSE) closed for the month on Monday on a downward posture, with the market capitalisation shedding N352 billion as predicted by market analysts.
The market capitalisation shed N352 billion or 2.77 per cent to close at N12.353 trillion, compared with N12.705 trillion achieved on Friday.
Also, the All-Share Index lost 1,020.71 points or 2.77 per cent to close at 35,844.00, against 36,864.71 recorded on Friday due to huge losses by some blue chips.
Market analysts had predicted that activities in the market this week would be trailed by mixed performances due to month-end activities of fund managers.
They said that fund managers would engage in profit taking for account rebalancing ahead of August.
Dangote Cement, one of the most capitalised equity on NSE, topped the losers’ chart during the day, dropping by N11.76 to N223.75 per share.
It was trailed by Nigerian Breweries with a loss of N4.62 to close at N167, while Lafarge Wapco was down by N3.03 to close at N57.72 per share.
Guaranty Trust Bank declined by N2.05 to close at N39.05 and Stanbic IBTC dropped by N1.63 to close at N35.90 per share.
On the other hand, Okomu Oil topped the gainers’ table, gaining N5.62 to close at N80.03 per share.
Presco followed with a gain of N3.66 to close at N78.86 and 7UP Bottling Company gained N1.39 to close at N9.89 per share.
International Breweries appreciated by N1.13 to close at N33.13, while Dangote Sugar increased by N1.11 to close at N11.97 per share.
FCMB Group was the most active in volume terms, exchanging 127.61 million shares worth N154.21 million.
FBN Holdings came second with an account of 58.35 million shares valued at N347.19 million, while Transcorp traded 49.70 million shares worth N72.49 million.
Zenith International Bank exchanged 45.78 million shares valued at N1.15 billion and United Bank for Africa sold 19.12 million shares worth N185.29 million.
In all, investors bought and sold 490.27 million shares valued at N5.27 billion transacted in 5,558 deals.
This was in contrast with a turnover of 525.59 million shares worth N8.14 billion traded in 5,799 deals on Friday.