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Despite #endSARS protests, stock exchange records growth of 0.03 per cent

Amid the ongoing #EndSARS protests across Nigeria, the Nigerian Stock Exchange (NSE) market indices on Tuesday recorded a marginal growth of 0.03 per cent following gains by Zenith Bank and 22 other equities.

Specifically, the market capitalisation which opened at N14.979 trillion inched higher by four billion naira or 0.03 per cent to close at N14.983 trillion.

Also, the All-Share Index rose by 17.51 points or 0.03 per cent to close at 28,665.82 from 28,658.31 achieved on Monday.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which include the Nigerian Breweries, Flour Mills, International Breweries, Julius Berger and UACN.

Speaking on the effects of the protests and curfew on the market, Mr Ambrose Omordion, the Chief Operating Officer of InvestData Ltd., said that the curfew would support market uptrend as players weigh earnings reports against EndSARS tension.

Omordion said that government needs to revisit economic policies, change implementation and leadership style to boost confidence.

He noted that economic meltdown caused by COVID-19 had exposed a lot of things with agitation here and there.

Market sentiment remained positive with 23 gainers and 17 losers.

International Breweries led the gainers’ chart in percentage terms, improving by 9.90 per cent to close at N6.44 per share.

United Capital followed with 8.17 per cent to close at N3.84, while Nigerian Breweries rose by 4.67 per cent to close at N51.50 per share.

Flour Mills grew by 4.55 per cent to close at N23, while UACN appreciated by 4.48 per cent to close at N7 per share.

On the other hand, Regency Alliance Insurance dominated the laggards’ chart in percentage terms, losing 8.33 per cent to close at 22k per share.

Cornerstone trailed with 4.76 per cent, to close at 60k, while PZ Cussons Nigeria shed 4.65 per cent to close at N4.10 per share.

Mobil Nigeria lost 4.60 per cent to close at N178.30, while AIICO shed 4.49 per cent to close at 85k per share.

Also, the total volume traded rose by 3.48 per cent as investors bought and sold 297.31 million shares worth N2.93 billion achieved in 4,736 deals.

This was in contrast with a total of 286.30 million shares valued at N3.39 billion exchanged in 5,132 deals on Monday.

Transactions in the shares of United Bank for Africa topped the activity chart with 72.43 million shares valued at N506.80 million.

Zenith Bank sold 27.16 million shares worth N568.21 million, while UACN traded 22.19 million shares valued at N149.44 million.

Access Bank accounted for 21.77 million shares worth N170.54 million, while Mutual Benefits Assurance transacted 19.70 million shares valued at N3.94 million.

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