The impact of the Coronavirus continues to ravage the global economy; the Nigerian equity market suffered the highest decline in over eight years on Tuesday.
The massive sell-off on MTNN, Stanbic IBTC, GTBank, Nigerian Breweries among others, caused the All-Share Index (ASI) to dip by 1,258.88 absolute points, representing 4.91 per cent decline to close at 25,322.66 points, while the Market Capitalization shed N656.04 billion, representing 4.91 per cent fall close at N12.71 trillion.
Only three equities appreciated with Neimeth topping with 10 per cent rise, while there were 33 losers with Dangote Sugar, Fidelity Bank, NASCON, Stanbic IBTC and MTNN jointly suffered the highest loss, declining 10 per cent.
Activities by investors increased as volume and value traded rose by 220 per cent and 131 per cent to 594 million units and ₦4.20billion respectively.
UBA (166.41m units), FBNH (163.96m units) and GTBank (54.51m units) were the most active equities in terms of value, while GTBank (₦1.08bn), UBA (₦942.73mn) and FBNH (₦724.83mn) led by value.
All the indices except the health sector declined with the banking sector emerging the most hit, dipping 12.53 per cent.