The Nigeria Exchange Limited (NGX) reported that Nigeria experienced a significant downturn in the global stock market on Monday. Midday data revealed a 0.27 percent drop in the NGX All-Share Index, with MTN Nigeria suffering the largest losses. Nigerian banking stocks were also affected, with Wema Bank falling by 4.76 percent and GTCO losing 1 percent of its market capitalization.
This decline coincided with a global stock market crash that began on Friday, August 2, leading to a major sell-off and subsequent crashes in the European and Asian markets as seen in Monday morning’s trading data.
Asian market data indicated a severe drop in Japanese stocks, with the Nikkei 225 Index plunging by 12.40 percent to its lowest point in 2024. The Hang Seng Index fell by 1.60 percent, and the Shanghai Stock Exchange Composite Index decreased by 1.54 percent, reaching its lowest level since February 2024.
Japanese markets had their worst trading day since “Black Monday” in 1987, with major stocks experiencing significant losses. Mitsubishi dropped by over 14 percent, Mitsui and Co. by about 20 percent, and Sumitomo by roughly 18 percent.
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