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COVID-19 outbreak: Investors lose $1.8 billion as Nigerian equities sink further

Traders work at the Nigerian Stock Exchange in Lagos, February 13, 2015. REUTERS/Joe Penney
  • Nigerian stock market capitalisation declines to N12.7 trillion, the lowest drop in almost a decade.
  • The drop in stocks was due to heavy sell-off amid fears of persistent decline in global oil prices and coronavirus outbreak.
  • MTN Nigeria, Guaranty Trust Bank, and Zenith Bank record most losses during the day's trading.

Investors on the Nigerian stock exchange (NSE) lost $1.8 billion (N656.04 billion) as market capitalisation declined to N12.7 trillion.

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This sharp drop in the stock market was due to heavy sell-off amid fears of persistent decline in global oil prices and coronavirus outbreak.

On Tuesday, March 10th, 2020, NSE's All-Share Index (ASI) fell 4.91% to close at 24,388.66 points as against 2.41% depreciation recorded previously.

Its Year-to-Date (YTD) returns currently stands down at 9.14%.

The market was dragged by losses in MTNN (-10.0%), GUARANTY (-9.9%), and ZENITH (-9.7%).

As oil prices struggle to trend upwards amid no respite for the COVID-19 outbreak, Analysts at Afrinvest expect sentiment to remain bearish in the next trading session.

In today’s trade, the market breadth index was strongly negative with 33 losers against 3 gainers. Researchers at Investment One believe “this may be one of the best periods to start picking some of the quality names with a medium to long term horizon.”

According to sector performance for Tuesday, March 10th, 2020, the Banking Index fell by 12.53%, Consumer Goods Index shed 4.42%, while Industrial Index declined by 1.10%.

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