The market capitalisation which opened at N9.733 trillion, lost N21 billion or 0.22 per cent to close at N9.712 trillion.
Also, the All-Share Index dipped 57.47 points or 0.20 per cent to close at 28,277.93 compared with 28,335.40 achieved last Friday.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the development to smart money repositioning ahead of third quarter earnings results expected to hit the market in the next couple of days.
Omordion said investors embarked on profit taking to take advantage of gains posted by the market last week.
An analysis of the price movement chart showed that Nestle Nigeria led the losers’ chart, dropping by N10 to close at N815 per share.
It was followed by Nigerian Breweries with a loss of N4.15 to close at N145.85, while Flour Mills shed 82k to close at N21.10 per share.
E-tranzact lost 29k to close at N5.69 and United Bank for Africa declined by 19k to close at N4.01 per share.
On the other hand, Guaranty Trust Bank recorded the highest price gain to lead the gainers’ chart, increasing by 99k to close at N24.99 per share.
Zenith International Bank came second with a gain of 36k to close at N15.57, while Champion Breweries appreciated by 14k to close at N2.65 per share.
Oando improved by 7k to close at N5.47 and Glaxosmithkline grew by 5k to close at N19.05 per share.
NAN reports that the volume of shares traded closed lower with an exchange of 198.10 million shares worth N1.32 billion transacted in 2,806 deals.
This was in contrast with 217.81 million shares valued at N2.39 billion exchanged in 2,804 deals on Friday.
Access Bank emerged the most traded stock with a total of 41.09 million shares worth N225.74 million.
FCMB Group followed with 37.66 million shares valued at N40.84 million and UBA traded 23.92 million shares worth N97.49 million.
Transcorp exchanged 14.84 million shares valued at N15.33 million, while Zenith Bank accounted for 13.49 million shares worth N209.29 million.