#EndSARS Plunges The Nigerian Stock Exchange by N113bn

The Nigerian Stock Exchange erased N113 billion in market value as the uncertainty surrounding #EndSARS agitation and government clampdown that reportedly claimed the lives of peaceful protesters at the Lekki Toll Gate weighed on investors sentiment.

Investors traded 326.58 million shares in 4,367 transactions during the trading hours of the day.

The Exchange closed in the red as 34 stocks led by Royal Exchange closed the trading session in the red.

The All-Share Index depreciated by 216.333 basis points or 0.75 percent from 28,665.82 bps recorded on Tuesday to settle at 28,449.49 bps on Wednesday while the market capitalisation of listed stocks dipped by N113 billion to N14.87 trillion, down from N14.98 trillion it closed on Tuesday.

Economic uncertainty ahead of likely third-quarter recession continued to hurt the Nigerian Stock Exchange, especially with the ongoing social unrest that has grounded business activities in the commercial capital of the nation, Lagos State.

The executive governor of the state, Babajide Sanwo-Olu, had imposed a 24-hour curfew on all parts of the state to curb the activities of criminals using peaceful protest to loot and destroy properties in the state.

However, the increase in unrest is expected to negatively impact on the nation’s foreign direct investment and COVID-19 recovery.

Further breakdown of Wednesday’s trading activities revealed that Wapic Insurance Plc led the gainers’ chart with a gain of 10 percent to settle at 44 kobo a unit share while Portland Paints Plc recorded 2.50 per cent gain to close at N2.05 as share.

UAC Property Plc came third with 1.23 percent to close at 82 kobo per share.

On the other hand, Royal Exchange Plc led losers’ table with 8 percent decline to close the day at 23 kobo as share while Neimeth Pharmaceuticals Plc followed with 757 percent to settle at N1.71 per share.

Union Dicon Plc came third at 7.41 per cent to close at 25 kobo per share.