Stock Market To Resume Amidst COVID-19 Fears

The Nigerian Stock Exchange (NSE) will resume trading amidst fear of the negative impact of the coronavirus (COVID-19) on equities, which dragged the All Share Index (ASI) down by -2.21% to 26,216.46 bps in the last trading session which ended Friday.

Nigeria had last week reported its first case of the COVID-19, consequently adding to the tension in the domestic bourse. The reported case might have its ripple effect in the new trading sessions which would begin Monday.

All indices in the domestic bourse during the last trading session reacted to the virus threat on the global market by finishing low, with the exception of the Industrial goods index which appreciated by 1.08%.

The financial service sector has consecutively led the activity chart by volume with 1.267 billion shared valued at N17.2 billion, as it contributed 81.9% and 70.91% to the total equity respectively.

The banking index, insurance index and pension index lost by 11.79 %, 8.22% and 4.37% respectively in the ‘Week to Date’ (WtD) summary, despite its contribution to the bourse in the last week.

The impact of the COVID-19 lowered the oil/gas index by -6.97% in the last month.

Federal Government bonds had bad outing during last week trading sessions, as a total of 6,321 units valued N7.194 million were traded in 28 deal, against 40,469 units worth N47.681 million traded in the previous week in 25 deal.

Similarly, equities around the globe had suffered from the effect of the virus, consequently driving markets to its worst decline since 2008 financial crises.