The stock market experienced a bearish start to the month, shedding N235 billion in value amid cautious investor sentiment triggered by ongoing nationwide protest.
   
Specifically, market capitalisation reduced to N55.278 trillion from an opening of N55.513 trillion, having shed N235 billion or 0.42 per cent from investors’ portfolios. The All-Share Index also declined by 0.42 per cent or 415 points to 97,359.76, in contrast to 97,774.22 posted on Wednesday.
   
The main decliners that led the market’s downward trend were FBN Holdings, MTN Nigeria, Dangote Sugar, Oando, Transnational Corporation, FCMB Group, among others. 
   
Following fallout of the day one of the ongoing protest, the Centre for the Promotion of Private Enterprise (CPPE) that had earlier warned that estimated daily loss could be up to N400 billion, has called for a suspension of the nationwide protest.
   
In a statement by the Director/CEO of CPPE, Dr. Muda Yusuf, he said: “The outcomes of the day one of the protests are very troubling. The protests are already spinning out of control and managing it is becoming very challenging. 
   
“The economies of many states were completely grounded leading to huge economic losses. The risks to life and properties have become significantly elevated. Major sectors driving the Nigerian economy were either completely or substantially shut – financial services, maritime, trade and commerce, transportation, entertainment, ICT, and hospitality. 
   
“The CPPE strongly appeals to the organisers to announce the immediate suspension of the protests to avoid a complete breakdown of law and order, which could result in severe negative consequences.”

IT was sit-at-home for many residents of Lagos yesterday with many staying indoors either in solidarity with protesters or fear of the protest snowballing into a riotous crisis. 
   
As a result of this, many major roads and streets in Lagos were quite and deserted away from the boisterous state that they are usually known for. Major roads, expressway that included the Apapa-Oshodi and Lagos-Badagry expressways were deserted in the earlier hours of the morning but only improved slightly later with scanty vehicular movement on the roads. 
   
Across the inner streets of many residential areas, shops were under lock and key or partially opened to businesses. similarly, most corporate organisations like banks and eateries were not opened for business. 
   
However, despite warnings, protesters gathered in the Ojota area of Lagos. Early reports had indicated that the protesters were scared to gather but by 10:00a.m, the protest had gathered steam with pro-government protesters gathered on the other side of the road to threaten the protesters but as the number increased, they soon disappeared. 
   
Major roads, streets in the state were deserted while markets are also closed despite market promises to open markets for business activities. Also, there are fewer vehicles plying the roads and those working have increased transportation fare by over 300 per cent.The Lagos State Commissioner of Police, Fayoade Adegoke around 11.a.m visited the scene of the protest in Ojota and assured the protesters safety.