Coronavirus isn't the only pandemic infecting the society, the Bear pandemic is pulverising the Bourse.   

23rd March, 2020

With the rapid spread of the Coronavirus in the country, the Nigerian equity market kick started the week with a negative performance as the ASI declined 221bps to close lower at 21,700.98 points. Panic selloff was witnessed across sectors, as all sectors led by the Banking sector (-9.00%) closed negative. However total volume and value traded increased by 22.37% and 12.89% respectively as FBNH, ZENITHBANK and GUARANTY were the most traded stocks by value. Investors' confidence as measured by the market breadth weakened today, as a total of 9 stocks closed higher while 26 settled lower, closing the market breadth at 0.35x.

What will shape the market tomorrow? 

Trading in line with other global indices, the Nigerian equities market remained pressured in the face of the rapid spread of the Coronavirus pandemic. With no imminent cure in the near term, we expect the market to continue with this bearish pattern tomorrow and in the short term.  

Reporting for EasyKobo on Monday , 23 March 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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