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.

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%.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Fred Obachi Machoka’s heartfelt message to his wife of 41 years [Photos]

Fred Obachi Machoka’s heartfelt message to his wife of 41 years [Photos]

Where is Mr Tembo? Ex-Tahidi High principal resurfaces [Video]

Where is Mr Tembo? Ex-Tahidi High principal resurfaces [Video]

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

Zari Hassan lectures Tanzanians over her viral black innerwear video

Zari Hassan lectures Tanzanians over her viral black innerwear video

Diana Marua hospitalized, Bahati gives update [Photos]

Diana Marua hospitalized, Bahati gives update [Photos]

Betty Kyallo shares photos of the first Subaru she bought after joining KTN

Betty Kyallo shares photos of the first Subaru she bought after joining KTN

North Korean man who smuggled 'Squid Game' into the country to be sentenced to death

North Korean man who smuggled 'Squid Game' into the country to be sentenced to death

Yvette Obura’s heartwarming message to Diana Marua excites Kenyans

Yvette Obura’s heartwarming message to Diana Marua excites Kenyans

Emotional Harmonize exposes Diamond as their beef heats up [Video]

Emotional Harmonize exposes Diamond as their beef heats up [Video]