10 March 2020 : The latest victim of COVID-19 in Africa has been identified - ASI! resulting in the lowest drop of the decade, thus causing a $1.8 billion loss to the petrified investors

NSEASI dropped to its lowest in almost a decade owing to the widespread global fear of the persistent decline in oil prices and the notorious viral “panademic”

The capitalisation slipped to N12.7 trillion, the lowest in almost a decade. The 491 mbps decline is the largest decline since 6th of June, 2009, when the market declined 4.56% d/d. The day ended by ASI sharply declining by 4.91% and closed at 24,388.66 points

Heavyweight stocks like MTNN ( - 10%), GUARANTY( -9.9%), and ZENITH (-9.7%) took the biggest hit, resulting in the grief-stricken investors losing $1.8 billion (N656.04 billion) . The YTD presently stands not so proudly at 9.14%

This bearish trend is expected to continue according to investors as neither the oil prices nor the viral outbreak is likely to get any relief anytime soon.

The market breadth index was massively negative with 33 losers against 3 gainers. Investors advise to invest in some quality company with strong foundation and focus on medium to long term investments.

In terms of sector, the Banking Index fell by 12.53%, Consumer Goods Index shed 4.42%, while the Industrial Index declined by 1.10%.

Reporting for EasyKobo on Tuesday , 10 March 2020 in Lagos, Nigeria