As at close of trading on Wednesday, the NSE Market Capitalization shed N113 billion from N14.983 trillion (Ghs 229 billion) to N14.870 trillion (Ghs 228 billion).
The demand for equities drastically reduced on the trading floor of the NSE, as the market reacted to the prevailing tensed security situation arising from the hijacked #EndSARS protests in Lagos, resulting in the loss of lives and vandalization of private and public owned properties.
The lull in the market, undoubtedly, was not unconnected with the disposition of most investors, who rather than investing, showed more concern about the safety of their investments, as well as observing the government’s next line of action in handling the lingering security situation.
The NSE All-Share Index also declined by 0.75 per cent from 28,665.82 points to 28,449.49 points.
The Lagos Chamber of Commerce and Industry (LCCI) estimated that the protests has cost the economy over N700 billion (about $1.8bn in losses).
President of the LCCI, Mrs Toki Mabogunje, expressed concerned about the negative impacts of the protests on business activities stating that the protests have been at great costs to the economy and the welfare of Nigerians.
“It should be noted that our economy is still reeling from the shocks of the COVID-19 pandemic and struggling to recover from its devastating effects,” she noted.
