Nigerian bourse recorded its first trading loss this week amid the rising political crisis in Nigerian major cities.
The All Share Index plunged by 0.75% to close at 28,449.49 points as against +0.03% appreciation recorded on Tuesday.
- Its Year-to-Date (YTD) returns currently stands at +5.99%. Investors’ losses stood at N113.07 billion.
- Today’s trading session at the Nigerian bourse went positive as volume moved up by +9.84%, as against the +3.48% uptick recorded on Tuesday. UBA, ZENITH BANK, and GUARANTY were the most active to boost market turnover.
- NNFM leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.
- Market breadth closed negative as WAPIC led 4 Gainers as against 34 Losers topped by ARDOVA at the end of today’s session – an unimproved performance when compared with the previous outlook.
- WAPIC down 10.00% to close at N0.44
- PORTPAINT down 2.50% to close at N2.05
- UAC-PROP down 1.23% to close at N0.82
- NB down 0.97% to close at N52
- ASOSAVINGS down 0.00% to close at N0.5
- ARDOVA up 6.30% to close at N11.9
- GUINNESS up 5.88% to close at N16
- WAPCO up 4.42% to close at N17.3
- JBERGER up 3.17% to close at N16.8
- MTNN up 1.43% to close at N138
Unsurprisingly, the Nigerian bourse ended its mid-week trading session on a bearish note amid falling crude oil prices and disruption among major economic hubs in Nigeria, particularly Lagos.
- The major theme weighing on stock traders and local investors remained the ongoing EndSARS protests. This has led to a suspension in economic activities and intensified selling pressure by the bears.
- Nairametrics envisage caution buying, as many investors now consider a wait and see approach amid high political tensions in Nigerian major cities.
#EndSARS: Sanwo-Olu gifts families of slain police officers N10 million each
Governor Sanwo-Olu has compensated the families of slain police officers with the sum of N10 million each.
The Executive Governor of Lagos State, Babajide Sanwo-Olu has brought respite to the families of police officers killed during the violence witnessed in the aftermath of the #EndSARS protests.
According to the disclosure on the Twitter page of the Lagos State Government, the families were handed a cheque of N10 million each and the children of the slain officers awarded scholarships by the government.
Governor @jidesanwoolu handing over a cheque of 10 million naira each to the families of police officers who lost their lives during the unrest that followed the EndSARS protest and awarding scholarship to their children. @followlsstf @ceolsstf @LagosPoliceng#LASG #SecureLagos pic.twitter.com/XdjPPRsRf7
— The Lagos State Govt (@followlasg) December 3, 2020
What they are saying: Commenting on the recent development, a tweet by the Lagos State Government read thus: “Governor @jidesanwoolu handing over a cheque of 10 million naira each to the families of police officers who lost their lives during the unrest that followed the EndSARS protest and awarding scholarship to their children.’’
Why this matters: The recent effort by the Governor is in fulfillment of the promise he had earlier made to compensate affected victims of the post-EndSARS protest which led to the loss of lives and valuable properties both in the state and the country at large.
The compensation will be viewed by serving officers as a motivation, aimed at promoting patriotism, loyalty, commitment and dedication to national service.
What you should know
#EndSARS: Protest hijack was catalysed by fake news – Lai Mohammed
The hijack of #EndSARS protests was catalysed by fake news and disinformation, Minister of Information, Lai Mohammed has said.
Minister of Information, Lai Mohammed, has claimed that the hijack of the #EndSARS protests was catalysed by fake news and disinformation, which spread like wildfire on social media.
The Minister disclosed this during a stakeholders meeting with members of the broadcasting organizations of Nigeria (BON) on Friday in Abuja.
#EndSARS Sanctions: Nigeria has reached out to the UK Government – Foreign Minister
Onyeama has stated that the FG has reached out to the UK Government over the parliamentary debate on the #EndSARS protests.
The Minister of Foreign Affairs, Mr Geoffrey Onyeama, said that the Nigerian Government has reached out to the UK Government over the parliamentary debate on the #EndSARS protests.
The Minister disclosed this to Newsmen at the Federal Executive Council (FEC) meeting on Thursday, which was recorded by Channels TV.
He added that the UK Parliament did not speak for the UK government, and that the UK had heard the Nigerian government’s side regarding the incident at Lekki.
“On the issue of the UK parliament, yes, we have reached out to the UK government on this question. The meeting that took place was of Parliamentarians, they don’t speak for the UK government and the UK government which acts for the United Kingdom has also heard the side of the (Nigerian) government regarding everything that happened.
“So we are in touch with them and engaging with them. But, of course, as in any democracy, the Members of Parliament are able to also air their views, but what is important is that a balanced picture is made available to them all before they take any decision,” Onyeama said.
What you should know
Nairametrics reported earlier this week that the British Parliament had announced it would consider a petition by some groups and individuals, asking it to apply sanctions against the Nigerian government and officials for alleged human rights violations during the #EndSARS protest and Lekki shooting incident.
Also, the presidency earlier disclosed that the Vice President, Yemi Osinbajo, had a meeting with the UK Special Envoy for Humanitarian Affairs, Nick Dyer, accompanied by the UK High Commissioner to Nigeria.