Home Business Equities Market Drops by N1.41trn in 3 Days

Equities Market Drops by N1.41trn in 3 Days

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L-R, Acting Executive Commissioner, Operations, Securities and Exchange Commission Mr Isyaku Tilde, Acting Director General SEC Ms Mary Uduk and Chairperson, Market Wide Technical Committee on Commodity Trading Ecosystem Ms Daisy Ekine during briefing on International Conference on Nigeria Commodities Market 2020 in Abuja Wednesday

…as WHO Labels Coronavirus as Pandemic

Amidst World Health Organization (WHO) labeling Coronavirus as pandemic, the equities market segment of the Nigerian Stock Exchange (NSE) has dropped by N1.41 trillion as foreign investors continued to exit fundamentals stocks.

The equities market continued to drop on the heels of the persisted spread of Coronavirus across the global with over 4,000 reported death and 121,844 reported cases.

The global oil prices continued to dwindling, dropping to $35.71/ barrel, according to Organization of Petroleum Exporting Countries.

Western Post gathered that the equities market opened the week at N13.695 trillion and closed on Wednesday at N12.284 trillion, dropping by N1.41trillion or 10.3 per cent.

The equities market on Monday dropped by N329.4billlion or 2.5 per cent to N13.69 trillion, while on Tuesday, it depreciated by N985billion or 7.2 per cent to N12.7trillion from N13.69trillion the equities market opened for trading.

However, on Wednesday, the equities market depreciated further by N425.19billion or 3.35 per cent to N12.28trillion.

Our correspondent gathered that sentiments remained weak in the domestic equities market as investors sell-off of bellwether stock that dampened market performance.

Consequently, the equities market All-Share Index settled the Month-to-Date and Year-to-Date losses at -10.1 per cent and -12.2per cent, respectively.

However, the WHO chief, Dr Tedros Ghebreyesus said the number of cases outside China had increased 13-fold over the past two weeks.

He said he was “deeply concerned” by “alarming levels of inaction” over the virus.

A pandemic is a disease that is spreading in multiple countries around the world at the same time.

Tedros said that calling the outbreak a pandemic did not mean the WHO was changing its advice about what countries should do.

He called on governments to change the course of the outbreak by taking “urgent and aggressive action”.

“Several countries have demonstrated that this virus can be suppressed and controlled,” he said.

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