Nigerian equities suffered a sharp blow on Monday, recording their most significant single-day loss in recent months, as global markets reeled from the impact of U.S. President Donald Trump’s aggressive tariff stance.
Investors on the Nigerian Exchange lost a staggering ₦659 billion in market value after the All-Share Index (ASI) slumped 1.23%, closing at 104,216.87 points, down from 105,511.89 the previous session. It marks the largest one-day drop since mid-January, when the index plunged by over 1,500 points.
Heavyweights like Oando and Honeywell Flour Mills were among the biggest drags on the market.
- Oando fell 10% to ₦37.80, shedding ₦4.20
- Honeywell Flour Mills dropped 9.98% to ₦10.19
Market capitalisation dropped from ₦66.15 trillion to ₦65.49 trillion, with the year-to-date return for Nigerian stocks narrowing to just +1.25%.
Global Fallout from U.S. Tariffs
The Nigerian market’s decline mirrored steep losses across global markets, as Trump’s 20% tariff on European goods—set to take effect April 9—sparked fears of a prolonged trade war.
- The S&P 500 fell 2.3%, erasing $5.3 trillion in value in just two days.
- The Dow Jones dropped over 1,000 points, marking an unprecedented three-day loss streak.
- The Nasdaq sank 1.9%, deepening into bear territory with a 24% drop from its record high.
European and Asian markets also tumbled:
- FTSE 100 opened more than 5% lower after Friday’s worst fall in five years
- Germany’s DAX plunged 10% at the open
- Hong Kong’s Hang Seng suffered its fourth-largest one-day drop ever
Market Summary – NGX
| Metric | Value |
|---|---|
| ASI | 104,216.87 |
| Previous ASI | 105,511.89 |
| Day Change | -1.23% |
| Market Cap | ₦65.49 trillion |
| YTD Return | +1.25% |
| Volume Traded | 444.1 million shares |
| Value Traded | ₦11.15 billion |
| No. of Deals | 15,690 |
Top 5 Gainers
- VFDGROUP: +10.00% to ₦62.70
- TOTAL: +9.61% to ₦745.00
- GUINEAINS: +9.52% to ₦0.69
- INTENEGINS: +9.33% to ₦1.64
- ABBEYBDS: +8.88% to ₦5.15
Top 5 Losers
- CORNEST: -10.00% to ₦2.97
- OANDO: -10.00% to ₦37.80
- NSLTECH: -10.00% to ₦0.45
- RTBRISCOE: -10.00% to ₦2.16
- HONYFLOUR: -9.98% to ₦10.19
Most Active by Volume
- 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
Most Active by Value
- GTCO: ₦2.3 billion
- ZENITHBANK: ₦1.4 billion
- ARADEL: ₦944.6 million
- FIDELITYBK: ₦818.3 million
- UBA: ₦709.5 million
Major Sector Impacts
- SWOOTs:
- OANDO slumped 10.00%
- ARADEL dipped 0.6%
- FUGAZ Banks took a hit:
- ACCESSCORP: -9.27%
- UBA: -7.60%
- FIRSTHOLD: -6.35%
- GTCO: -5.62%
- ZENITHBANK: -5.01%
Monday’s sell-off underscores the heightened volatility across global markets and the sensitivity of emerging economies like Nigeria to external shocks. Investors are now watching closely for policy responses and possible stabilization efforts to restore market confidence.