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Sells-Offs in GTBank, Zenith Bank stocks intensify, investors lose N42.8 billion

Market breadth closed negative as CAP led 10 Gainers as against 19 Losers topped by ARBICO.



Bears dominate Nigeria bourse trading session, ASI down 2.02%, Nigerian Breweries, Stanbic Bank lead the Bears, Investors lose N24.7 billion 

Nigerian bourse continued its second trading session for the week on a bearish note.

The All Share Index gained 0.33% to close at 25,497.32 points as against a 0.09% drop recorded on Monday.
Nigerian Stock Market capitalization presently stands at N13.302 trillion Its Year-to-Date (YTD) returns currently stands at -5.01%. Investors’ losses stood at N42.84 Billion.

Nigerian Stock Exchange trading turnover printed negative as volume dipped by 5.07% as against the 39.24% plunge recorded in the previous session. CUSTODIAN, FBNH, and ZENITHBANK were the most active to boost market turnover.

Market breadth closed negative as CAP led 10 Gainers as against 19 Losers topped by ARBICO at the end of today’s session an unimproved performance when compared with the previous outlook.

Top gainers

  • CAP up 2.65% to close at N17.45
  • NB up 2.50% to close at N41
  • FBNH up 2.02% to close at N5.05
  • NAHCO up 1.91% to close at N2.13
  • MTNN up 0.76% to close at N119.5

Top losers

  • ARBICO down 9.65% to close at N1.03
  • GUARANTY down 6.18% to close at N24.3
  • ZENITHBANKdown 2.31% to close at N16.9
  • UBN down 3.92% to close at N4.9
  • GUINNESS down 2.78% to close at N14


Nigerian bourse continued its downward trend at Tuesday’s trading sessions, after the U.S dollar’s upward move in value powered down Nigeria’s major export (crude oil), which saw its pricing losing as much as 4% and traded below $40.

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In addition, the upsurge in COVID-19 caseloads in key international markets continued to rattle local investors’ nerves.

It should also be noted that significant losses in Nigeria’s tier-1 banks (GTBank, Zenith Bank) neutralized gains recorded by MTN.

Nairametrics envisages cautious buying as market indicators show a degree of increased sell-offs in the coming days.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading and Financial Market Analysis. Member of the Chartered Financial Analyst Society. You can follow Olumide on Twitter @tokunboadesina or email [email protected]

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Lekki Tollgate Shooting: Sanwo-Olu insists on 2 deaths, no bloodstains at the scene

Governor Sanwo-Olu has reiterated that only two people were killed in last week’s shooting at the Lekki toll plaza.



#EndSARS: Anyone found culpable in Lekki Toll Plaza shooting would be held accountable - Sanwo-Olu

The Lagos State Governor, Babajide Sanwo-Olu, has insisted that there were only two confirmed deaths during the shooting incident that happened a week ago at the Lekki Tollgate.

He also said that there were no bloodstains at the scene of the incident.

According to a report on Vanguard, the Lagos State Governor made the disclosure during an interview with CNN’s Becky Anderson about the incident and the fall out of the #EndSARS protests over police brutality and extra-judicial killing.

The Governor’s statement is against the backdrop of several reports in the public space, which had claimed that over 30 protesters and in some cases about 70 protesters allegedly died as a result of the shooting by soldiers at the Lekki Tollgate.

The Governor said, “Two dead bodies, that is what we have seen from all the morgues, that’s what we have seen going to hospitals, that’s what we have seen as a record. What has happened is that there have been so many footages that were seen, that people have shown, but we have not seen bodies, we have not seen relatives, we have not seen anybody truly coming out to say I am a father or a mother to someone and I cannot find that person. Nobody has turned up. I have been to the ground, there is no scratch of blood anywhere there.

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“From the footage that we could see, because there were cameras at that facility, it seems to me that they would be men in military uniform. That’s what the footage shows.”

While insisting that there was no form of international pressure as a result of the protests, Sanwo-Olu said, “I genuinely believe there would be change. For two reasons; what has happened, especially in Lagos is extremely unimaginable. It was also a clarion call for all of us in government to understand and realize what the youths want us to be doing. It hit all of us like a thunderbolt and it was just a wake-up call.”

In order to aid the investigation to ascertain what happened at the Lekki Tollgate, Sanwo-Olu assured that the Close Circuit Television (CCTV) footages will be made available to the judicial panel already set up to investigate the incident and has already started sitting on Monday.

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While responding to a question, Sanwo-Olu said he was ‘absolutely’ committed to a full investigation of the incident.

He said, “It’s beyond my control to mete out punishment to those found culpable; however, those responsible will be held accountable. I am not the Commander-in-Chief of the Armed Forces. The report will be out, we will channel the report to all the relevant authorities in the State to ensure everyone that is found culpable is accountable for the act.”

Despite the Lagos State Governor’s insistence on the number of fatalities, a lot of Nigerians do not believe his account of the incident and think that there is some form of an alleged cover-up by government officials. They are still outraged that despite some video evidence and accounts of people that were there, the government is still understating the fatality figures.

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Business News

Nigeria’s Manufacturing Sector contracts for 6th consecutive month

The manufacturing sector contracted for the sixth consecutive month as 8 subsectors contracted out of 14.



Manufacturing: Momentum in activities slows in January, CBN’s forex intervention has encouraged influx of raw materials - Manufacturers , Manufacturing: Activity level slumps on COVID-19

The Manufacturing Purchasing Managers’ Index (PMI), for the month of October, witnessed a contraction for the 6th consecutive month, as it stood at 49.4 index points.

This was disclosed by the Central Bank of Nigeria (CBN), in its October PMI report released today.

READ: Manufacturing PMI dips further as recession scare looms

READ: FG set to create at least 5 million jobs for youths in the power sector – Minister of Power 

According to the information contained in the report, despite the fact that the Manufacturing Purchasing Managers’ Index (PMI) for the month of October contracted, the Manufacturing PMI index recorded a month-on-month increase owing to improved New orders, faster manufacturing supplier delivery time, and slight changes in production and employment levels.

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READ: FG meets group to access AfCFTA’s $650 billion market

What you should know

The report stated that, out of the 14 subsectors surveyed, 6 subsectors reported expansion (above 50% threshold) in the review month in the following order:

  • Electrical equipment
  • Transportation equipment
  • Printing & related support activities
  • Chemical & pharmaceutical products
  • Textile, apparel, leather & footwear
  • Cement

READ: Global Stocks rise higher, on positive Chinese manufacturing report

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READ: Nigeria’s inflation rate hits 13.71% as food prices soar

While the remaining 8 subsectors reported contraction (below 50% threshold) in the review month in the following order:

  • Primary metal
  • Petroleum & coal products,
  • Paper products
  • Fabricated metal products
  • Furniture & related products
  • Nonmetallic mineral products
  • Plastics & rubber products
  • Food, beverage & tobacco products

READ: The CBN data that can reveal whether we are already in a recession

PMI for the non-manufacturing sector stood at 46.8 points in October 2020, indicating contraction in Nonmanufacturing PMI for the seventh consecutive month. Of the 17 sub-sectors surveyed, 3 subsectors reported growth, while 11 subsectors declined.

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What led to the Ogba tanker explosion- Lagos

Lagos State Government has disclosed the explosion was caused by the spillage of petrol from a truck laden with petrol.



What led to the Ogba tanker explosion- Lagos

The Lagos State Government has attributed the tanker explosion that occurred at Yerevan Filling Station earlier today to the spillage from the articulated truck, laden with 33,000 litres of Premium Motor Spirit (PMS), popularly called petrol.

READ: FG set to create at least 5 million jobs for youths in the power sector – Minister of Power 

This was disclosed via the official Twitter handle of the state on Tuesday.

According to the government, the revelation was as a result of the investigations by the LASEMA Response Team.

READ: #EndSARS: Kwara State sets up N500 million recovery fund for businesses destroyed by hoodlums 

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It tweeted, “The inferno was quickly curtailed due to the prompt response of the Agency’s team in conjunction with the Lagos State Fire Team.

“The leaky valve which was the source of the inferno has been shut off, the inferno has been extinguished while blanketing of the truck and entire area is ongoing in order to avert any secondary incident.”

Explore Data on the Nairametrics Research Website

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Details soon …


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