#EndSARS protests curb Bulls at the Nigerian Stock Market

Nigerian bourse closed in a near stalemate, as the All Share Index improved 0.03% to 28,665.82 points. A total volume of 297.3 million units of shares, valued at N2.96billion exchanged hands in 4,736deals.

UBA was the most traded shares by volume at 72.4million units, while ZENITHBANK topped by value N568million.

Nigerian bourse market breadth index was positive with 23 gainers against 17 losers. INTBREW (+9.90%) led the gainer’s chart today, while MOBIL (-4.60%) topped the laggards.

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Sector performance

NSE Consumer Goods Index: Up by +1.86% on buy-interests in INTBREW (+9.90%), NB (+4.67%), and FLOURMILL (+4.55%).
NSE Insurance Index: Down by -1.17% on price depreciation in CORNERST (-4.76%) and AIICO (-4.49%).
NSE Banking Index: Declined by -1.02% due to sell-offs in UBA (-2.82%), ACCESS (-2.52%), and GUARANTY (-1.30%).
NSE Oil & Gas Index: Dipped by -0.89% due to the decline in MOBIL (-4.60%).
NSE Industrial Index: Fell by -0.17% on the back of a loss in WAPCO (-2.16%)

Top gainers

INTBREW up 9.90% to close at N6.44
NB up 4.67% to close at N51.5
FLOURMILL up 4.55% to close at N23
UACN up 4.48% to close at N7
JBERGER up 2.66% to close at N17.35

Top Losers

MOBIL down 4.60% to close at N178.3
GUINNESS down 3.68% to close at N17
GUARANTY down 1.30% to close at N30.4
WAPCO down 2.16% to close at N18.1
UNILEVER down 2.59% to close at N13.15

Outlook

Nigerian bourse ended relatively flat on Tuesday amid higher oil prices and COVID-19 raging onslaughts infecting over 40 million people globally.

The major theme distorting the mind of local investors is the shutdown of economic activities at Nigeria’s major economic hubs which include Lagos, Edo, and Oyo. This weighed on the bulls’ resolve to increase their buying pressure.
Trading activities turned relatively impressive amid the prevailing macro, showing the high intensity of protests by Nigerian youths clamouring for police reforms.
Nairametrics envisage cautious buying, as the prevailing macro shows a significant amount of armed miscreants distorting the peaceful protests recently.