Trump tariff: Nigerian Exchange loses N659bn amid global stocks crash

Investors on the Nigerian Exchange Limited, NGX, lost approximately N659 billion as Nigeria’s stock market mirrored a global downturn on Monday—an event widely dubbed “Black Monday”—following tariff announcements by the President of the United States, Donald Trump.

The NGX All-Share Index, ASI, declined by 1.23 per cent, marking its steepest daily fall this month.

In response, Nigerian stock market participants traded 444,106,631 shares with a total value of N11.148 billion.

This downturn was largely driven by losses in stocks such as Oando and Honeywell Flour Mills, which contributed significantly to the bearish trend.

According to NGX data, Oando saw the sharpest decline, falling from N42 to N37.80—a loss of N4.20 or 10 per cent. Similarly, Honeywell Flour Mills dropped from N11.32 to N10.19, shedding N1.13 or 9.98 per cent.

Consequently, the NGX ASI fell from last Friday’s 105,511.89 points to 104,216.87 points, while the equities market capitalisation declined from N66.147 trillion to N65.488 trillion.

Globally, U.S. stocks suffered sharp declines on Monday. The S&P 500 index fell by 2.3 per cent, bringing its drop from the February closing high to nearly 20 per cent—technically entering a bear market by Wall Street standards.

The Nasdaq Composite also declined by 1.9 per cent, falling deeper into bear territory, as investors liquidated technology stocks to raise cash. The Nasdaq is now down by 24 per cent from its previous record.

Similarly, stock markets across Asia and Europe were not spared. The FTSE 100 opened over 5 per cent lower after recording its steepest fall in five years on the preceding Friday.

In Germany, the DAX index plunged by 10 per cent within minutes of opening before regaining some ground, following sharp overnight losses in Asia. Notably, Hong Kong’s Hang Seng Index suffered its fourth-largest one-day decline on record.

Amidst the global financial tremors, President Trump on Monday cautioned against panic following China's retaliatory tariffs against the United States. He went further to threaten the imposition of even more stringent tariffs on China, intensifying the ongoing trade dispute.