Nigeria was impacted by a wave of worldwide stock market collapse on Monday, according to the Nigeria Exchange Limited, or NGX.
The NGX All-Share Index fell by 0.27 percent at midday, according to NGX data, with MTN Nigeria suffering the biggest loss.
There were drops in Nigerian banking equities as well. Wema Bank, for example, saw a 4.76 percent fall, and GTCO saw a one percent market value loss.
This coincides with the worldwide stock market meltdown that began on Friday, August 2, and resulted in a significant sell-off that, according to trading data from Monday morning, caused a fall in the European and Asian markets.
Accordingly, trading data from Asian markets indicate Japanese stocks crashed, with the Nikkei 225 Index down by 12.40 percent, hitting its lowest point in 2024. The Hang Seng Index was down by 1.60 percent, with the Shanghai Stock Exchange Composite Index falling by 1.54 percent to hit its lowest since February 2024.
Japanese stock markets record their worst trading day since the “Black Monday” of 1987. Some of the heavyweight stocks in the markets have recorded huge losses. Mitsubishi crashed by over 14 percent, Mitsui and Co. crashed by about 20 percent, and Sumitomo crashed by about 18 percent.
