Nigerian stocks have experienced their largest drop-in recent times on Monday, driven by the impact of U.S. President Donald Trump’s trade tariffs on global markets. Investors saw a loss of approximately N659 billion by the close of trading, as the Nigerian Exchange’s All-Share Index (ASI) fell by 1.23 percent, marking its biggest single-day decline this month.
Stocks such as Oando and Honeywell Flour Mills were major contributors to the market downturn. Oando saw the steepest decline, dropping from N42 to N37.80, a decrease of N4.20 or 10 percent. Honeywell also suffered, falling from N11.32 to N10.19, losing N1.13 or 9.98 percent.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and market capitalization both saw significant drops, falling from 105,511.89 points and N66.147 trillion the previous day to 104,216.87 points and N65.488 trillion, respectively. As a result, the Nigerian stock market’s return this year has dropped to +1.25 percent.
This decline follows a broader global market downturn, with major U.S. indexes also experiencing sharp losses on Monday. The S&P 500 fell by 2.3 percent, marking a near 20 percent drop over the past three days, officially entering bear market territory. The Dow Jones Industrial Average tumbled by 1,015 points, or 2.6 percent, after consecutive 1,500-point losses last week. The Nasdaq Composite dropped 1.9 percent, deepening its descent into bear market territory, with tech stocks suffering the most.
Stock markets across Europe and Asia also mirrored the global sell-off, as fears grew over the widespread impact of Trump’s trade tariffs. The FTSE 100 opened more than 5 percent lower, following its sharpest fall in five years on Friday. Germany’s DAX index plunged 10 percent in early trading before recovering somewhat, while Hong Kong’s Hang Seng suffered its fourth-largest one-day decline in history.
In Nigeria, 444,106,631 shares were traded in 15,690 deals, totaling N11.148 billion. The NGX All-Share Index recorded its worst single-day loss in nearly three months, shedding 1,295.02 points to close at 104,216.87 points, a 1.23 percent drop from the previous session.
This marks the largest decline since mid-January, when the index fell by 1,526.1 points.
