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Investors lose N308bn over Coronavirus in Nigeria

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There was massive offloading of shares on the equities sector of the Nigerian Stock Exchange (NSE) yesterday with the report of the first Coronavirus case in Nigeria, even as investors’ lost a whooping N308 billion due to panic sell off.

Specifically, at the end of transactions yesterday, 41 stocks depreciated in price while only two stocks, Vitafoam Nigeria Plc and Flourmills Plc constituted the gainers’ list due to panic sell pressure.

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Consequently, the market capitalisation of listed equities tumbled by N308 billion yesterday, from N13, 965 trillion recorded on Thursday to N13, 657 trillion.

Reacting on market performance yesterday, Chief Research Officer of Investdata Consulting, Ambrose Omodion said such panic mood was last recorded during the global financial meltdown of 2009. He however urged government to be more proactive and take preventive measures against the dreaded disease to avoid loss of lives and investments going forward.

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