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Nigeria’s equity market declines 0.75% as AI says #endsars death toll hits 56

By on October 21, 2020 0 105 Views

By Samuel Bankole

Nigeria’s equity market slide on Wednesday after the peaceful #endsars turned bloody as Soldiers were reported to have used live bullets to disperse protesters camped at the Lekki Toll Plaza on Tuesday night.

The market declined 0.75 percent a day after the killing of Nigerian youth, which human rights group Amnesty International said the death toll has reached 56 as of the last count.

Though Lagos State Governor, Babajide Sanwo-Olu said there was not major casualty after the men from the 81 Brigade of the Nigerian Army were allegedly sent to quell the protest, shot at the protesters at the Lekki toll gate on Tuesday night, Amnesty International said 38 people were killed by soldiers deployed to quell the protest.

“Victims include protesters and thugs who were allegedly hired by the authorities to confront the protesters,” Isa Sanusi, a spokesman for the group in Nigeria said.

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“In many cases the security forces had used excessive force in an attempt to control or stop the protests.”

The All-Share Index declined to close at 28,449.49 points as due to a sell-off by investors as peaceful #EndSARS protests turn violent and the Lagos government imposed 24-hour curfew on the state.

The market cap of equities listed on the NSE declined to N14.870 trillion from N14.983 trillion as on the previous day with maximum losses recorded in the banking sector -1.70 percent.

The total volume traded closed with an exchange of 326.578 million units valued at N4.22 billion traded in 4,367 deals. The market breadth was negative with 4 gainers as against 34 losers.

The NSE 30 Index decreased by 0.84 percent to close at 1,218.60 points as against 1,228.96 points as on the previous day.

Market turnover closed with traded volume of 221.50 million units while the share in Nigerian Breweries was the only gainer, while Ecobank and Guinness were the key losers at the end of transactions.

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