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.
Academy Press increased by 7.89 per cent to close at 41k, while SUNU Assurances added 4.44 per cent to close at 47k.
In spite of the drop in market indices, the volume of shares traded rose by 16.19 per cent.
Consequently, investors traded 194.95 million shares valued at N1.01 billion in 3,830 deals.
This was against a total of 167.78 million shares worth N1.66 billion exchanged in 3,267 deals on Friday.
Wema Bank was the most active stock accounting for 25.77 million shares values at N22.33 million.
Ella Lakes followed with 25.03 million shares valued at N106.36 million, while Fidelity Bank traded 16.14 million shares worth N38.65 million.
Consolidated Hallmark Insurance sold 12.46 million shares valued at N6.81 million, while FCMB Group traded 9.47 million shares worth N29.30 million.