The Nigerian stock market could not sustain the bullish performance recorded earlier in the week as the market, Wednesday, plunged by 0.75 per cent following the curfew announced by the Lagos State as a result of the protest by Nigerian youths against police brutality, tagged #EndSARS.
Market analysts have expressed skepticism about bullish performance in subsequent trading sessions this week; even as investors position ahead of the third quarter, 2020 (Q3’20) earnings releases.
The analysts noted that foreign investors are always wary of insecurity in any economy and would begin to halt investments.
Analysts at InvestData Limited said: “We expect this volatility to continue, even as high Dividend Yields attract inflow to equity assets, ahead of the peak period of the Q3 earnings reporting season and momentum associated with earnings season in the midst of crude oil price oscillation.”
Meanwhile, investors on the Nigerian Stock Exchange, NSE, lost N113.1 billion as market capitalisation, which represents the total value of stocks traded on the Exchange fell to N14.9 trillion while Year to Date, YtD return weakened to 6.0 percent.