Lagos – The Nigerian stock market experienced a Nigerian stock market downturn on Monday following US President Donald Trump’s tariff announcements. Investors lost approximately N659 billion on the Nigerian Exchange Limited (NGX). The NGX All-Share Index (ASI) decreased by 1.23 percent. Losses in Oando and Honeywell Flour Mills stocks contributed to the decline.
Specific Stocks Decrease
Oando stock decreased by 10 percent. It fell from N42 to N37.80 per share. Honeywell Flour Mills stock decreased by 9.98 percent. It fell from N11.32 to N10.19 per share. These decreases impacted the overall Nigerian stock market downturn. The NGX ASI fell from 105,511.89 points to 104,216.87 points. Equities market capitalization decreased from N66.147 trillion to N65.488 trillion.
Global Market Context and Trump’s Comments
The Nigerian market decline occurred alongside global market decreases. US stocks also decreased. The S&P 500 index fell 2.3 percent, and the Nasdaq Composite index declined 1.9 percent. President Trump commented on the situation after China announced retaliatory tariffs. He advised against panic, stating, “Doing a deal would be preferable to doing the obvious.” Trump also stated he might impose more tariffs on China.
