Following fear of insecurity arising from #EndSARS protest that degenerated into violence across the country, the Nigerian bourse on Wednesday closed lower to reverse the previous day’s gain as bears regained their grip.
The investors’ sentiment was dampened as some key infrastructures in Lagos, the commercial nerve centre of the nation were set ablaze by the protesters. This led to a decline in the equity market by N113bn as bears maintained their grip on the local bourse.
It was recorded that market breadth closed negative as Royal Exchange lead 33 other losers the trading session on the negative note. As a result of this, all share index dipped 216.333 basis points or 0.75 per cent to close at 28,449.49 index points as against 28,665.82 recorded the previous day.
It is a clear indication that market capitalization of equities depreciated by N113bn from N14.98tn the previous day to N14.87tn as market sentiment remained on the negative territory.
Market capitalisation of equities depreciated by N113bn from N14,98tn the previous day to N14.87tn as market sentiment remained on the negative territory.
A turnover of 326.58 million shares exchanged in 4,367 deals was recorded in the day’s trading. It is also on record that the banking sub-sector boosted by the activities in the shares of Fidelity Bank Plc and GTBank Plc followed with a turnover of 60.08 million shares in 651 deals.
Further analysis of the day’s trading showed that in percentage terms, Wapic Insurance Plc led the gainers’ with a growth of 10 per cent to lose at 44 kobo per share while Portland Paints Plc gain 2.50 per cent to close at N2.05 per share. UAC Property Plc trailed with 1.23 per cent to close at 82 kobo per share.
Royal Exchange Plc topped the day’s loser’ table with 8 per cent to close at 23 kobo per share while Neimeth Pharmaceuticals Plc followed with 757 per cent to close at N1.71 per share. On the other hand, Union Dicon Plc dropped 7.41 per cent to close at 25 kobo per share.