The market capitalisation of the Nigerian Stock Exchange (NSE) on Monday shed N219 billion, ahead of Eid-El-Kabir.
The loss by the market capitalisation was as a result of huge losses suffered by major highly capitalised equities.
Specifically, the market capitalisation dipped N219 billion to close at N12. 655 trillion compared to N12.874 achieved on Friday.
Also, the All Share Index shed 603.21 points to close at 34,663.48 as against 35,266.69 on Friday.
The News Agency of Nigeria (NAN) reports that the Federal Government had declared Aug. 21 and 22, as public holidays to mark the 2018 Eid-El-Kabir.
The upward trend recorded on Friday could not be sustained due to investor’s apathy on the market.
The downturn was impacted by losses recorded in medium and large capitalised stocks, among which were: the Nigerian Breweries, Unilever Nigeria, Guaranty Trust Bank, PZ Cussons and Zenith Bank.
Also, market breadth maintained negative sentiment to close with 11 gainers to 22 losers.
Airline Services and Logistics led the gainers’ chart in percentage terms with a gain of 8.99 per cent to close at N4.85 per share.
FCMB Groups followed with 5.88 per cent to close at N1.80, while Regency Insurance appreciated by 4.35 per cent to close at 24k per share.
In the same vein, Skye Bank went up by 4.17 per cent to close at 50k and Lasaco Assurance rose by 3.23 per cent to close at 32k per share.
Conversely, UAC Property led the laggards’ table in percentage terms by 8.19 per cent to close at N1.57 per share.
Honeywell Flour trailed with a loss of 7.59 per cent to close at N1.46, while Japaul Oil and Maritime Services shed 7.14 per cent to close at 26k per share.
PZ Cussons dipped by 7.12 per cent to close at N13.05, while United Capital went down by 6.62 per cent, to close at N2.82 per share.
Also, the total volume traded declined by 41.09 per cent to 220.5 million shares valued at N3.19 billion traded in 3,054 deals.
Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 42.72 million shares valued at N354.78 million.
Zenith Bank traded 36.66 million shares worth N34.23 million, while Access Bank transacted 32.69 million shares valued at N310.43 million.
Skye Bank followed with 18.32 million shares worth N9.16 million, while FBN Holdings traded 15.58 million shares valued at N151.56 million.