The stock market lost N113 billion yesterday as investors’ appetite, which has been high for days became dampened due to the tensed security situation in the country.
The market had remained stable since Monday with marginal gains following profit taking after weeks of a bull run.
However, investors reduced their demand for equities yesterday as they reacted to the prevailing security situation after some #EndSARS protesters at Lekki Tollgate, Lagos were shot by the military on Tuesday.
The Nigerian Stock Exchange (NSE) All-Share Index declined by 0.75 per cent from 28.665.82 to 28,449.49, while market capitalisation shed N113 billion from N14.983 trillion to N14.870 trillion.
Market operators said most investors were showing more concern about their safety first before thinking of investing.
According to a stockbroker, most people are monitoring the environment and watching how the government will handle the situation, rather than in investing.
Also, the Nigerian Employers’ Consultative Association (NECA) has reiterated that the protests will negatively impact on the economy.
The Director-General of NECA, Mr. Timothy Olawale, told THISDAY that “protest is legal and a fundamentally guaranteed right of Nigerians to draw government’s attention to the need to take drastic action as regards reforms in all areas of our national life, it is important that the economy should not be brought to its knees in the process.”
He added: “The economy is in tatters, facing the threat of a second recession and unemployment rising to an unmanageable level, the need to stop the slide is not only urgent but important.
Source: THISDAY
