Why stock market dropped on Monday

Trading at the local bourse opened for the week on Monday negatively with a loss of N126 billion driven by sell pressure in some blue chips.

Specifically, the market capitalisation inched lower by N126 billion to close at N20.094 trillion from N20.220 trillion achieved on Friday.

Also, the All-Share Index lost 243.49 points or 0.63 per cent to close at 38,567.26 against 38,810.75 posted on Friday.

Accordingly, month-to-date gain stood at 0.1 per cent, while year-to-date loss increased to 4.2 per cent.

UPL topped the losers’ chart in percentage terms, dropping by 9.79 per cent to close at N1.29 per share.

Linkage Assurance trailed with 7.81 per cent to close at 0.59k, while NPF Micro Finance Bank dipped 4.26 per cent to lose at N1.80 per share.

Veritas Capital lost 4.17 per cent to close at 23k, Courteville dropped by 4 per cent to close at 24k per share.

On the other hand, Conoil dominated the gainers’ chart in percentage terms, gaining 9.83 per cent to close at N22.35 per share.

Northern Nigeria Flour Mills followed with 9.78 per cent to close at N6.75, while Skyway Aviation gained 9.18 per cent to close at N3.45 per share.