Nigerian stocks on Monday recorded their biggest drop in recent times following the impact of U.S President Donald Trump’s tariffs on global trade markets.
Investors lost about N659 billion at the close of trading after the Nigerian Exchange’s All Share Index (ASI) decreased by 1.23 percent, its biggest single-day decline this month.
Stocks like Oando and Honeywell Flour Mills helped to push the market lower. Oando decreased the most, from N42 to N37.80, down by N4.20 or 10 percent, while Honeywell dropped from N11.32 to N10.19, losing N1.13 or 9.98 percent.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased from the preceding day’s 105,511.89 points and N66.147 trillion, respectively, to 104,216.87 points and N65.488 billion. The Nigerian market’s return this year has decreased to +1.25 percent.
This is as other major stock indexes and U.S. shares also plunged on Monday.
The S&P 500 lost 2.3 percent, bringing its decline to nearly 20 percent in three days, a bear market in Wall Street terms. Some $5.3 trillion has been wiped off the index in two days
The Dow Jones Industrial average also tumbled 1,015 points, or 2.6 percent, following back-to-back 1,500-point losses for the first time ever to end last week. The Nasdaq Composite dropped 1.9 percent, further into bear territory, as investors sold their tech winners to raise cash. The Nasdaq is off 24 percent from its record.
Stock markets across Europe and Asia were not left out of the seeming Black Monday as fears over the global impact of Trump’s trade tariffs deepened. The FTSE 100 opened more than 5 percent lower, following its steepest fall in five years on Friday.
Germany’s Dax plummeted 10 percent in the first few minutes of trading, before recovering ground, after Asian markets dropped steeply overnight, with Hong Kong’s Hang Seng experiencing its fourth-biggest one-day decline ever.
In 15,690 deals, Nigeria’s stock investors exchanged 444,106,631 shares worth N11.148 billion.
The All-Share Index of the Nigerian Exchange recorded its worst single-day loss in nearly three months, shedding 1,295.02 points to close at 104,216.87—down 1.23% from the previous session’s close of 105,511.89.
This marks the most significant drop since mid-January, when the index plunged by 1,526.1 points.
Market summary:
- Current ASI: 104,216.87
- Previous ASI: 105,511.89
- Day Change: -1.23%
- Year-to-Date Performance: +1.25%
- Volume Traded: 444.1 million shares
- Market Cap: N65.4 trillion
Top 5 gainers:
- VFDGROUP: +10.00% to N62.70
- TOTAL: +9.61% to N745.00
- GUINEAINS: +9.52% to N0.69
- INTENEGINS: +9.33% to N1.64
- ABBEYBDS: +8.88% to N5.15
Top 5 losers:
- CORNEST: -10.00% to N2.97
- OANDO: -10.00% to N37.80
- NSLTECH: -10.00% to N0.45
- RTBRISCOE: -10.00% to N2.16
- HONYFLOUR: -9.98% to N10.19
Trading volume leaders:
- FCMB: 65.4 million shares
- FIDELITYBK: 42.5 million shares
- GTCO: 34.4 million shares
- ACCESSCORP: 31.8 million shares
- ZENITHBANK: 31.6 million shares
Trading value leaders:
- GTCO: N2.3 billion
- ZENITHBANK: N1.4 billion
- ARADEL: N944.6 million
- FIDELITYBK: N818.3 million
- UBA: N709.5 million
The SWOOTs and FUGAZ banks were also hit hard. In the SWOOT category, OANDO plunged 10.00%, while ARADEL declined 0.6%.
The FUGAZ banking majors also faced heavy losses:
- ACCESSCORP: -9.27%
- UBA: -7.60%
- FIRSTHOLD: -6.35%
- GTCO: -5.62%
- ZENITHBANK: -5.01%
