Global stock markets experienced severe declines on Monday, with Wall Street and Tokyo’s Nikkei seeing significant drops.
The Nigerian stock market also fell by 0.2%, with the NGX All Share Index decreasing to 97,582.41 points from last week’s 97,745.73 points. NGX market capitalization fell by over N97 billion to N55.404 trillion.
Trading activity on the Nigerian Exchange surged, with volume and value increasing by over 50%. Zenith Bank led in trading volume and value.
Despite the drop in overall market indices, sectors like Consumer Goods and Banking saw gains, while Insurance and Oil & Gas indices fell due to selling pressure.
The global market turmoil was driven by weak US jobs data and fears of a potential recession. Tokyo’s Nikkei suffered its worst day in 13 years, and major US indices, including the Nasdaq and S&P 500, saw significant losses.
Bitcoin and oil prices also fell sharply. Amidst the turmoil, former President Donald Trump criticized Vice President Kamala Harris and the Democrats, attributing the market downturn to their policies.
The Chicago Federal Reserve President assured that the central bank would act to stabilize the economy if needed.