Nigerian Stock Market Hit by #EndBadGovernance Protests, Investors Lose N235bn

The Nigerian equities market took a significant hit on Thursday as ongoing #EndBadGovernance protests led to a loss of N235 billion by the close of trading.

The market downturn was driven by a dip in the share prices of key stocks such as MECURE, THOMASWY, and WAPIC.

After five hours of trading, the market’s equity capitalization fell from N55.5 trillion on Wednesday to N55.2 trillion on Thursday. The All-Share Index (ASI) also dropped, closing at 97,359.76, down from the previous day’s 97,774.22.

Market sentiment was negative, with 22 stocks advancing, 19 declining, and 66 remaining unchanged across 6,821 deals. Among the top gainers were UCAP, CUTIX, and AFRIPRUD, which saw their share prices rise by 9.95%, 9.94%, and 9.94% respectively.

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Conversely, MECURE, THOMASWY, and WAPIC led the list of decliners, with their share prices dropping by 9.94%, 9.74%, and 8.24% respectively.

In terms of trading volume, ZENITH BANK led with 19 million shares valued at N651 million exchanged in 470 deals. OANDO followed closely, trading 19 million shares worth N445 million in 697 deals, while ACCESS CORP moved 15 million shares valued at N289 million in 554 deals.

On the value index, ZENITH BANK recorded the highest trading value of the day with N651 million in 470 deals, followed by GUINNESS, which traded N576 million in equities through 33 deals. UBA also featured prominently, trading stocks worth N458 million in 504 deals.