#EndSARS: Curfew, widespread looting trigger losses for Nigerian stocks

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.

Top gainers

1. WAPIC down 10.00% to close at N0.44
2. PORTPAINT down 2.50% to close at N2.05
3. UAC-PROP down 1.23% to close at N0.82
4. NB down 0.97% to close at N52
5. ASOSAVINGS down 0.00% to close at N0.5

Top losers

1. ARDOVA up 6.30% to close at N11.9
2. GUINNESS up 5.88% to close at N16
3. WAPCO up 4.42% to close at N17.3
4. JBERGER up 3.17% to close at N16.8
5. 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.

Nairametrics envisage caution buying, as many investors now consider a wait and see approach amid high political tensions in Nigerian major cities.