Business

#EndSARS: Stock market down by N113bn

Transactions on the floor of the Nigerian Stock Exchange yesterday closed negative as market sentiment following fear of insecurity occasioned by escalating #EndSARS protests across the nation.

 

The protest on Tuesday evening took a different dimension as there were reports of massive shooting by security agents at peaceful protesters at the Lekki Toll Gate, Lagos. However, the Lagos State governor, Babajide Sanwo-Olu had ordered an immediate investigation into the shooting that happened on at Lekki Toll Plaza.

 

Sanwo-Olu, while reacting in a statement issued by Commissioner for Information and Strategy, Gbenga Omotoso; said there had been reports of shooting at the Lekki Toll Plaza; following the 24-hour curfew imposed on Lagos State to stop criminals who hid under the #EndSARS protests to unleash mayhem on innocent citizens. The stock market declined by N113 billion as bears maintained their grip on the local bourse.

 

The local bourse recorded only four gainers against 34 losers led by Royal Exchange Plc among other blue chip firms that were downswing.

 

Consequently, the 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 while market capitalisation of equities depreciated by N113 billion from N14,983 trillion the previous day to N14.870 trillion as market sentiment remained on the negative territory.

 

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