Nigerian equity market suffers highest week-on-week decline in 10-months amidst Coronavirus scare-induced sell-off

The news of the first Coronavirus case in the country propelled the Nigerian equity market to record the highest weekly loss in 10 months this week as investors embarked on massive sell-off.

The bourse ASI and market capitalization shed 4.28 per cent this week to close at 26,216.46 absolute points and ₦113.66 trillion respectively as against 27,216.46 absolute points and ₦14.27 trillion last Friday.

The downtrend started with the market losing 1.27 per cent on Monday, while it declined 2.21 per cent  on Friday as its year-to-date return slipped to -2.33 per cent.

Only the Industrial Goods (+1.08 per cent) closed positive for third successive week-on-week basis, while Banking led the losers’ pack with 11.79 per cent decline w/w, followed by Insurance (-8.22 per cent), Consumer Goods (-3.84 per cent), and Oil & Gas (-2.14 per cent).

LAWUNION emerged top gainers this week; appreciating by 23.29 per cent w/w, while REDSTAREX shed 26.97 per cent w/w to emerge top loser.

Overall, a total turnover of 1.55 billion shares worth ₦24.26 billion in 21,646 deals were traded this week by investors on the floor of the Nigerian exchange in contrast to a total 1.50 billion shares valued at ₦17.91 billion that exchanged hands last week in 18,515 deals.

A total of Six equities appreciated in price during the week, lower than 24 equities in the previous week.

58 equities depreciated in price, higher than twenty-eight (28) equities in the previous week, while 99 equities remained unchanged, lower than111 equities recorded in the preceding week

Analysts at GTI securities project that the jittery that greeted the equity this week, would continue next week as more investors seeks safe haven for their asset, over the expected negative impact of Covid-19 entrance in Nigeria.