The Nigerian stock market could not sustain the booming performance recorded in the first week of the week, falling 0.75 per cent after the curfew was announced by Lagos State on Wednesday, resulting in Nigerian youths protesting against police brutality, #EndSARS Tagged.
Market analysts have expressed skepticism about the bullish performance in subsequent sessions this week; Even investors are ahead of earnings for the third quarter, 2020 (Q3’20).
Analysts said that foreign investors are always wary of insecurity in any economy and will start stopping investment.
Analysts at InvestData Ltd said: “We expect this volatility to persist, even as higher dividend yields attract equity assets, earnings season and earnings season amid crude oil price oscillations Next to the peak period of the reporting period.
Meanwhile, investors on the Nigerian Stock Exchange, NSE, incurred a loss of N113.1 billion in the form of market capitalization, reducing the total value of shares traded on the exchange to N14.9 trillion, while from year to date, YtD returns. Weakened by 6.0 percent.
Investors reported gains from MTN Nigeria as selling pressures in today’s trading session fell by -1.4 percent after Guinness Nigeria -5.9 percent and ARDOVA -6.3 percent.
As a result, the NSE All-Share Index, ASI declined 75 basis points, BPS or 0.7 percent to 28,449.49 points.
Activity levels improved and volumes and value increased by 9.8 percent and 44.3 percent respectively to 326.6 billion units and N4.2 billion. The most traded stocks by volume were UBA (40.3 billion units), Zenith Bank (39.6 billion units) and Guaranteed Trust Bank (38.3 billion units) while Guaranty Trust Bank (N1 billion), Zenith Bank (N800.9 billion) and Led by Nestle (N479.9 million) value.
There was a decrease in performance in all sectors as there was a decline in all indices except the Insurance Index (0.6 percent) which was buoyed by the price increase in WAPIC (10.0 percent). The banking index was down 1.7 percent following losses in Guaranty Trust (-1.3 percent) and Zenith Bank (-1.2 percent).