Nigerian equities swing to N1.88 trillion losses ahead of Dangote Refinery IPO

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…