#EndSARS: Disruption of protests weigh on Nigerian Stocks
- 21st October 2020
- Posted by: Hakeem
- Category: Stock
Nigerian bourse recorded its first trading loss this week amid the rising political crisis in Nigerian major cities. The All Share Index plunged by 0.75% to close at 28,449.49 points as against +0.03% appreciation recorded on Tuesday.
- Its Year-to-Date (YTD) returns currently stands at +5.99%. Investors’ losses stood at N113.07 billion.
- Today’s trading session at the Nigerian bourse went positive as volume moved up by +9.84%, as against the +3.48% uptick recorded on Tuesday. UBA, ZENITH BANK, and GUARANTY were the most active to boost market turnover.
- NNFM leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.
- Market breadth closed negative as WAPIC led 4 Gainers as against 34 Losers topped by ARDOVA at the end of today’s session – an unimproved performance when compared with the previous outlook.
- WAPIC down 10.00% to close at N0.44
- PORTPAINT down 2.50% to close at N2.05
- UAC-PROP down 1.23% to close at N0.82
- NB down 0.97% to close at N52
- ASOSAVINGS down 0.00% to close at N0.5
- ARDOVA up 6.30% to close at N11.9
- GUINNESS up 5.88% to close at N16
- WAPCO up 4.42% to close at N17.3
- JBERGER up 3.17% to close at N16.8
- MTNN up 1.43% to close at N138
Unsurprisingly, the Nigerian bourse ended its mid-week trading session on a bearish note amid falling crude oil prices and disruption among major economic hubs in Nigeria, particularly Lagos.
- The major theme weighing on stock traders and local investors remained the ongoing EndSARS protests. This has led to a suspension in economic activities and intensified selling pressure by the bears.
- Bigwig FX envisage caution buying, as many investors now consider a wait and see approach amid high political tensions in Nigerian major cities.