Nigerian Market Loses N1.96 Trillion Ahead of IPO

On 14 September 2026, the Nigerian equities market reported a loss of about N1.96 trillion in market capitalisation as investors engaged in sell-offs and portfolio repositioning in anticipation of the Dangote Refinery Initial Public Offering (IPO). The NGX All-Share Index (ASI) decreased by 1.60%, dropping from 246,992.44 points to 243,052.74 points, while market capitalisation fell to N157.587 trillion.

This decline reduced the market's year-to-date return to 56.19%. Only nine equities recorded price gains during the week, compared to 56 the previous week, while 80 equities depreciated, up from 35.

Cowry Asset Management attributed the market's negative performance to weak investor sentiment and profit-taking. The banking and insurance sectors were notably affected, with the NGX Insurance Index falling 5.52% and the NGX Banking Index declining 4.07%.

The sell-offs were driven by stocks such as First HoldCo Plc and Fortis Global Insurance Plc. Despite the overall decline, the NGX Oil/Gas Index gained 2.83%, supported by Seplat Energy Plc.