The stock market lost big Thursday to enter bear-territory after investors failed to buy stocks at multi-year lows as they await FG’s economic response to the coronavirus and oil plunge.
Nigerian stocks fell 3.72 percent in the day’s trade to 22,695.88pts (a 4-yr low) bringing the market 23.6 percent lower than its year’s high of 29,618.52pts – hence a bear market.
MTN dropped below listing price to N93.2 a unit, Nigerian breweries closed at 29.7, United Capital hit N1.9, Zenith Bank dropped to N1.2, and Flour Mill plunged to N19.8 as they all lost 10 percent in the day, alongside 2 others.
Only Caverton, Sky Aviation and Stanbic gained while YTD loss widened to 15.45 percent.
Elsewhere, US briefly halted trading for the second time this week after S&P fell 7 percent in early trading.
For Nigeria, analysts say prices are attractive lows but are unsure if the market would bottom-out soon.
SEGUN ADAMS
