The Nigerian stock market suffered a sharp decline, shedding ₦559 billion in value during the trading week ending Friday, April 11, as global trade tensions intensified following U.S. President Donald Trump’s tariff policies.
The All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) dropped 1.23% on Monday alone, falling from 105,511.89 to 104,216.87 points, marking the steepest weekly loss in months.
The downturn was largely driven by profit-taking in insurance and banking stocks, coupled with muted interest from institutional investors. The NGX Insurance Index plunged by 4.57%, while the Banking Index fell 2.20%, reflecting reduced confidence in key financial sectors. Other indices also closed lower:
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Consumer Goods Index: -0.61%
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Oil & Gas Index: -0.50%
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Industrial Index: -0.26%
Analysts attribute the bearish performance to mounting fears over global economic disruptions, prompting capital flight and weakened market momentum. The NGX’s poor performance reflects broader volatility in emerging markets facing the ripple effects of U.S.-led protectionist policies.