Nigeria’s equities took 0.31% plunge mid-day on Wednesday, despite the inflow of improved audited earnings and announcements as investors react to the emergency rule declared in the country’s oil-rich Rivers State by President Bola Ahmed Tinubu.

The Governor, Sir Siminilaye Fubara have been embroiled in a running battle with his enstranged godfather and Minister of the Federal Capital Territory, Nyesom Wike over control of the state.

The disagreement and threat to impeach the governor has so far resulted in the sabotage of two oil installations in the state by unknown person, thereby threatening the country’s oil production capacity.

As of 11.50am at midweek’s trading session, the Nigerian Exchange had negative breadth with 24 laggards and 10 gainers, including heavyweights such as oil exploration giants- Oando Plc and Aradel Holdings; even as banking and insurance stocks were not spared, given their exposure to the petroleum industry.

The big laggards among them during the inter-day trading session include: First Holdings, Guaranty Holding Company United Bank for Africa, Fidelity Bank, Access Bank and Zenith Bank.

Top gainers for the period included Guinea Insurance, Computer Warehouse Group and Wema Bank.

There are fears among investors and traders that the market would steep deeper in the red as more investors, especially the foreign corporates, get more advisory on Tuesday nights decision by the Presidency, which legal minds have condemned as an overkill.

Already, following the declaration of emergency rule, soldiers Tuesday night took over the streets of Port Harcourt, the state capital, as well as the Government House, as the President seems to be travelling a road he fought then President Olusegun Obasanjo over in court in the early days of the fourth republic.

The Punch, one of Nigeria’s major daily hinted on Wednesday that Nigeria’s daily oil output is at risk after the explosion that rocked a section of the Trans Niger Pipeline in Bodo Community, Gokana Local Government Area of Rivers State. The pipeline, owned by Renaissance Africa Energy Holdings, transports 450,000 barrels of crude oil per day to the Bonny Export Terminal, using a pipeline network.

Renaissance Africa Energy Holdings recently completed the landmark transaction between itself and Shell to acquire the entire equity holding in the Shell Petroleum Development Company of Nigeria.

Various media reports say the incident occurred near Bodo-Bonny Road currently under construction by Julius Berger Nigeria Plc through a joint funding partnership between Nigeria LNG Limited and the Federal Government of Nigeria.