The Nigerian equities market reversed Monday’s bullish momentum in dramatic fashion on Tuesday, September 8, 2026, as the benchmark All-Share Index (ASI) declined 1.17% to close at 244,802.11 points, erasing approximately N1.88 trillion in market capitalisation in a single session.
The sharp pullback came just one day after the market had reclaimed the historic N160 trillion milestone and underscores intensifying profit-taking pressures ahead of the imminent Dangote Refinery IPO, scheduled to open for subscription on September 14, 2026.
The reversal was particularly pronounced in heavyweight banking stocks and large-cap holding companies, signalling that portfolio managers are preemptively repositioning ahead of what is expected to be Africa’s largest capital raise in years.
Market breadth deteriorated to a ratio of just four gainers against 62 losers—a stark contrast to the broad-based rallies that characterised the market’s recovery through August and early September.
Market summary:
- All-Share Index (ASI): 244,802.11 points, down 1.17% from 247,699.78 points.
- Market capitalisation: N158.72 trillion, down 1.17% from N160.60 trillion.
- Market value lost: Approximately N1.88 trillion.
- Year-to-date (YTD) market return: +57.31%, moderated from +59.18% on Monday.
- Trading volume: 753.17 million shares, up 84.67% from 407.85 million shares.
- Market turnover (value traded): N27.82 billion, up 2.09% from N27.25 billion.
- Total deals: 54,051, up 3.30% from 52,322.
- Market breadth: 4 stocks gained during the session, while 62 declined.
Only 4 Gainers:
- Ellah Lakes: up 7.07% to N9.85, from N9.20.
- NGX Group: up 1.38% to N131.90, from N130.10.
- Learn Africa: up 1.16% to N8.75, from N8.65.
- Wema Bank: up 0.68% to N29.70, from N29.50.
Top 5 Losers:
- Avacap: down 10% to N5.40, from N6.00.
- FTG Insurance: down 9.89% to…
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Read Full Article by Oluwatosin Osho at nairametrics.com
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