The Nigeria Exchange Limited, NGX, said Nigeria was on Monday hit by a wave of global stock market crash. Midday data from NGX showed a 0.27 percent decline in the NGX All-Share Index, with MTN Nigeria being the major loser. The Nigerian Banking stocks also suffered declines. For instance, Wema Bank declined by 4.
76 percent while GTCO lost 1 percent of its market capitalization. This comes amid the global stock market crash which started on Friday, August 2, resulting in a major sell-off that led to a crash in the European and Asian markets based on trading data from Monday morning. 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.
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