Nigerian stocks fall by most in 7 months as country reports first coronavirus case

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Nigerian Stocks Fall by Most in 7 Months as Country Reports First Coronavirus Case

Lagos, Nigeria - The Nigerian stock market has experienced its largest decline in seven months, with the All-Share Index (ASI) falling by 2.4% to 24,443.34 points, as the country reported its first case of the coronavirus.

The Nigerian Stock Exchange (NSE) All-Share Index, which tracks the performance of the top 100 companies listed on the exchange, has been under pressure in recent weeks due to concerns over the spread of the virus globally. The index has now fallen by 10.3% since the start of the year, with many investors opting to take profits and reduce their exposure to the market.

The decline in the stock market was led by losses in the banking and consumer goods sectors, with major banks such as Zenith Bank and Guaranty Trust Bank falling by 3.4% and 2.9% respectively. Other major losers included Dangote Cement, which fell by 2.5%, and Nestle Nigeria, which fell by 2.3%.

The Nigerian government has confirmed that a 44-year-old Italian national who arrived in the country on February 25 has tested positive for the coronavirus. The patient is currently receiving treatment at a hospital in Lagos, and the government has launched an investigation to identify anyone who may have come into contact with him.

The news has sparked concerns over the potential impact of the virus on the country's economy, which is heavily reliant on oil exports. The Nigerian economy has been struggling in recent years due to low oil prices and a decline in oil production, and the spread of the virus could exacerbate these challenges.

"The coronavirus is a global pandemic, and it's only a matter of time before it spreads to more countries in Africa," said a market analyst. "The Nigerian economy is already fragile, and this could be the final blow. We expect to see more volatility in the market in the coming weeks."

The Nigerian government has announced a series of measures to contain the spread of the virus, including the closure of all schools and the suspension of all international flights. The government has also set up a task force to coordinate the response to the outbreak.

In the meantime, investors are advised to remain cautious and to monitor the situation closely. The Nigerian stock market is expected to remain volatile in the coming weeks, and investors should be prepared for further declines.