Stock Market Remains Flat as Investors Monitor #EndSARS Protest

Stock Market Newspaper

By Dipo Olowookere

For the second straight day, trading activities on the floor of the Nigerian Stock Exchange (NSE) closed flat as the key performance indicators remained unchanged.

The All-Share Index (ASI) ended at 28,344.04 points, while the market capitalisation, which measures the aggregate value of equities on the exchange, remained static at N14.814 trillion.

Business Post observed that investors are beginning to trade cautiously as the protest calling for an end to police brutality in the country continues to grow stronger.

For over a week now, youths in Nigeria have continued to storm the streets, asking the government to urgently reform the police and prosecute those involved in the killing of innocent citizens, especially members of the disbanded notorious Special Anti-Robbery Squad (SARS).

At the moment, no one knows where the demonstrations are heading as efforts to stop them with the use of force have not yielded any result; instead, the agitators have remained adamant.

On Thursday morning, the Nigerian Army issued a strong warning to “troublemakers,” noting that it would not hesitate to pounce on them. Despite this threat from the military and attacks on some demonstrators, protests have continued.

Despite this issue and the release of inflation rate for September today, which showed an increase to 13.71 per cent, the market breadth ended positive as there were 13 price gainers as against the 12 price losers, while 17 stocks traded flat, same as the previous day.

Lafarge Africa was the biggest price gainer, rising by 70 kobo to close at N18.05 per unit, while Guinness Nigeria gained 50 kobo to trade at N16 per unit.

Eterna appreciated by 48 kobo to close at N5.29 per share, International Breweries rose by 15 kobo to finish at N4.85 per share, while Nigerian Breweries gained 10 kobo to settle at N49.20 per unit.

On the losers chart, GTBank occupied the top spot after depreciating by 50 kobo to trade at N29.50 per unit and was followed by GlaxoSmithKline, which lost 20 kobo to sell at N5.60 per share.

Africa Prudential declined by 16 kobo to end at N5.54 per share, Fidson decreased by 11 kobo to N3.56 per unit, while Access Bank dropped 10 kobo to finish at N7.75 per unit.

Investors traded a total of 342.2 million equities valued at N5.0 billion in 4,048 deals today in contrast to the total of 218.4 million shares worth N3.1 billion exchanged in 3,896 deals on Wednesday.

From the analysis, UBA was the most active, trading 92.9 million units worth N613.6 million, while Zenith Bank traded 67.2 million stocks for N14 billion.

GTBank transacted 62.2 million equities valued at N1.8 billion, Transcorp exchanged 20.8 million shares for N13.0 million, while FBN Holdings traded 19.6 million shares worth N121.6 million.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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