The Nigeria Stock Market has continued to experience downturn, caused by the panic and growing concern that COVID 19 brought to investors. The All-share index recorded a significant decline of 4.91% to close Tuesday trading session at 24,388.66 index points.
Market investors lost a total of N656 billion on Tuesday as the equity market closed at N12.72 trillion from an initial value of N13.38 trillion indicating 4.9% reduction. Sell-offs recorded in large capitalized stocks such as MTN Nigeria, GTBank, UBA, Unilever Nigeria, NASCON and many more caused the drastic fall in the market’s performance.
Three gainers emerged on the floor of the stock market on Tuesday. They are Neimeth Pharmaceuticals having gained 10% to close at N0.44 compared to an opening of the value of N0.4. Honeywell Flour followed with 3.45% gain to close at N1.75 while NEM Insurance rounded off the list with 1.16% gain to close at N1.75.
Thirty-three (33) Company stocks recorded decline as Dangote Sugar tops the list with 10% loss to close at N9.9 followed by Fidelity Bank, which also lost 10% to close at N1.62 and Nascon Allied Industries which closed at N11.7 compared to its opening of value of N13.
Stanbic IBTC recorded a 10% loss to close at N28.35 while MTN Nigeria rounded off the list with 10% loss to close at N103.5. Some of the other stocks which recorded a drop in Tuesday’s trading session include Zenith bank (9.69%), Nigerian Breweries (9.93%), GT Bank (9.93%).
Top trades by volume
UBA Plc traded in the largest volume of stocks on Tuesday as it recorded trades in 166.42 million units of shares at N942.73 million across 685 deals followed by First Bank Holdings, which traded in 163.96 million units of shares valued at N724.83 million across 488 deals.
GTBank recorded trades in 54.52 million units of shares at N1.09 billion in 366 deals, Fidelity traded in 31.93 million units of shares at N51.73 million across 128 deals while Zenith Bank traded in 30.09 million units of shares at N392.62 million across 451 deals to round off the list.
COVID-19 Update in Nigeria
On the 23rd of October 2020, 77 new confirmed cases and 2 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 61,882 confirmed cases.
On the 23rd of October 2020, 77 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 9,956 samples across the country.
To date, 61,882 cases have been confirmed, 57,190 cases have been discharged and 1,129 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 602,239 tests have been carried out as of October 23rd, 2020 compared to 595,283 tests a day earlier.
COVID-19 Case Updates- 23rd October 2020,
- Total Number of Cases – 61,882
- Total Number Discharged – 57,190
- Total Deaths – 1,1129
- Total Tests Carried out – 602,239
According to the NCDC, The 77 new cases were reported from 11 states – Lagos (41), Kaduna (20), Rivers (19), FCT (4), Osun (3), Ondo (2), Sokoto (2), Kwara (2), Benue (2), Imo (1), Ogun (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,789, followed by Abuja (5,948), Plateau (3,594), Oyo (3,423), Rivers (2,765), Edo (2,648), Kaduna (2,605), Ogun (1,990), Delta (1,812), Kano (1,741), Ondo (1,661), Enugu (1,314), Kwara (1,067), Ebonyi (1,049), Katsina (948), Osun (922), Abia (898), Gombe (883). Borno (745), and Bauchi (710).
Imo State has recorded 614 cases, Benue (486), Nasarawa (478), Bayelsa (403), Ekiti (329), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (164), Taraba (122), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Update: Suspected hoodlums looting Palms Mall, Shoprite in Ilorin
Hoodlums have invaded Palms Mall and Shoprite in Ilorin, looting stores and carting away items.
Some suspected hoodlums are allegedly looting the Palms Mall on Fate road, Ilorin, Kwara State capital. The mall hosts stores of Shoprite, and Lifemate Furniture among other stores including Mobile phones retailers.
This was revealed by findings conducted by a Nairametrics analyst who is presently in Ilorin.
He said, “They allegedly stole iPhone 11 mobile sets, other mobile sets brands, Refrigerators, and households items among others.”
According to the analyst, the suspected hoodlums forced their way into the Mall after they have stormed and allegedly looted Kwara Agro Hall, an agro resettlement centre, where they carted away Aluminium roofing sheets, mattresses, bags of cement and bags of flour among others.
Back story: Similarly, similar incidents had occured in Lagos when suspected hoodlums looted at Shoprite Malls across Surulere, Sangotedo.
According to reports, suspected thugs from Orile have invaded the mall and the neighbourhoods.
The alleged looters were seen with a cartload of goods on the streets along Ajah Road.
An eyewitness account also submitted that the hoodlums were looting shops around Bode Thomas and Adeniran Ogunsanya.
#EndSARS: Coca-Cola donates N20 million to cover medical bills of victims
Coca-Cola Nigeria has made a donation of N20 million to cover the medical bills of victims of #EndSARS protests.
Coca-Cola Nigeria says it has made a donation of N20 million to cover the medical costs of victims of the #EndSARS protests in hospitals.
The Company announced this in a statement on Friday evening saying, “Every human life matters and as a company, our goal is to continue to work with our communities towards the wellbeing of the people.”
Every human life matters and as a company, our goal is to continue to work with our communities towards the wellbeing of the people. This is why, in partnership with @whitefieldfdnng we are providing support to the injured and those in critical condition pic.twitter.com/kiumbHarUd
— Coca-Cola Nigeria (@CocaCola_NG) October 23, 2020
The Lekki tollgate shootings has gathered international attention after videos of alleged Nigerian soldiers shooting into a crowd of unarmed protesters went viral on Tuesday.
Amnesty International reported that the Nigerian army and police killed at least 12 peaceful protesters on Tuesday at two locations in Lagos.
Coca-Cola Nigeria said the donation would be supplied in partnership with Whitefield Foundation, its NGO partner “providing support for the injured and those in critical condition. The events of the past few days have scarred us all. We are deeply saddened by the needless loss of lives during the #EndSARS protests . Our heart goes out to the families of the fallen and injured, as a result of the recent violence that ensued during the peaceful #ENDSARS protests. While we strive towards a greater tomorrow for this Nation.”