Nigerian stocks took a steep dive on Monday as escalating global tensions fueled by Donald Trump’s aggressive trade rhetoric rattled investor sentiment across emerging markets.
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.
Analysts are attributing the sell-off not only to local profit-taking but also to rising global uncertainties following Trump’s announcement of sweeping reciprocal tariffs if re-elected—a move that threatens to unravel fragile trade ties and roil global markets.
The market downturn reflects broader fears about how these protectionist policies could impact trade flows, foreign investment, and capital markets in developing economies like Nigeria. The NGX, typically sensitive to foreign portfolio movements, responded with a wave of selloffs, dragging down several heavyweight stocks.
Despite the bearish sentiment, trading activity surged as volume jumped to 444.1 million shares, up from 348.1 million shares in the previous session—signaling that many investors may be repositioning or exiting certain assets.
However, market capitalization suffered a hit, dropping below the N66 trillion mark to settle at N65.4 trillion across 15,690 deals, compared to N66.1 trillion in the last session.
The negative sentiment was most visible among top decliners, with CORNEST, OANDO, NSLTECH, and RTBRISCOE each tumbling by the maximum daily loss of 10.00%.
The losses were particularly stark for OANDO, which is also listed under SWOOT (Stocks Worth Over One Trillion), suggesting that even top-tier stocks were not spared.
In contrast, a few outliers offered glimmers of green. VFDGROUP topped the gainers’ chart, rising 10.00% to N62.70, followed closely by TOTAL, which gained 9.61% to close at N745.00. Other notable risers included GUINEAINS, INTENEGINS, and ABBEYBDS.
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
SWOOT and FUGAZ performance:
Global tremors also hit the SWOOTs and FUGAZ banks 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%
Market outlook
With the index falling below the psychologically important 105,000 mark, investors are bracing for further volatility.
- The uncertainty from Trump’s proposed tariff wave has cast a long shadow over global equities, especially in frontier and emerging markets.
- However, analysts believe that bargain-hunting in large- and mid-cap stocks could offer some support if local fundamentals remain stable.
Still, the sentiment remains fragile. As Trump’s tariff threats add a new layer of geopolitical risk to already inflation-weary markets, Nigerian investors will likely remain cautious, weighing global cues alongside domestic earnings and macroeconomic updates.
