By Uche Mbah
Unprecedented tumble of the stock markets signaled panic selloff of stocks amid fears the Coronavirus disease will soon turn to Global Pandemic as the World Health Organization warns that no Country should believe in it’s own immunity because it is yet to have a spiraling epidermic.
Chinese stocks have already turned to bear rampaging zones since the disease that the World Health Organization reluctantly upgraded to a local epidermic assumed global proportions. Only companies that manufacture facial masks are smiling to the banks-even if wearing masks themselves. Last Wednesday, Pope Francis fell sick after Ash Wednesday celebrations when he interacted with masked faithfuls during the ritual stations of the cross commemorations.
Electronics are beginning to spike in costs due to scarcity as most phones and laptops are China made, and travel restrictions to China had affected sales. Besides the Harmatan haze which has forced flight diversions to neighboring countries, the greatest singular cause of drop in Aviation earnings in Nigeria happens to be the Corona virus scourge.
Ironically, the Nigerian stock exchange appear to benefit from the scourge at it recorded successive spikes for the past three days due to the apparent recognition of Nigeria as a safe haven. No cases of the virus is yet to be found. The growth was, however, marginal at 0.17% Thursday.
But worries about global economic growth has been sparked off by the massive selloff at the US major exchanges. Reuters report that Wall Street’s main indexes plunged on Thursday for the sixth straight session, with the S&P 500 confirming its fastest correction in history as the rapid global spread of coronavirus intensified worries about economic growth.
“The S&P 500 finished 12% below its Feb. 19 record close, marking its fastest correction ever in just six trading days. The previous record was nine days in early 2018, according to S&P Dow Jones Indices analyst Howard Silverblatt.
“The Dow registered a record one-day points drop, which was also its fourth 1,000-point decline in history and the second this week”, according to Reuters.
Many countries in Europe and Asia are closing schools and markets and there might be palpable fears of postponing the Summer Olympics in Japan.This Magazine had reported that Saudi Arabia had suspended lesser hajj for now due to the virus spread.’
In California, a case of unknown origin has been detected, but President Trump has been downplaying the possible spread within American soil.
Apart from one case in Algeria, Africa has been safe from the disease so far, but fear of food security is sparked off by an unprecedented inversion of locusts in East Africa fueling speculations about the end time scenario.
