Nigerian Equities Lose N1.88 Trillion Ahead of IPO

On September 8, 2026, the Nigerian equities market saw a dramatic reversal, with the benchmark All-Share Index (ASI) declining by 1.17% to close at 244,802.11 points, resulting in a loss of approximately N1.88 trillion in market capitalisation. This decline occurred just one day after the market had reached a historic N160 trillion milestone, indicating increasing profit-taking pressures ahead of the Dangote Refinery IPO, which is set to open for subscription on September 14, 2026.

The downturn was particularly evident in heavyweight banking stocks and large-cap holding companies, suggesting that portfolio managers are repositioning in anticipation of Africa’s largest capital raise in years. The market breadth was notably poor, with only four gainers compared to 62 losers.

First HoldCo was the most significant decliner, dropping 9.30% to N136.00. Despite the overall decline, trading activity increased, indicating active portfolio repositioning rather than market withdrawal.

The upcoming formal reclassification of Nigeria to Frontier Market status by FTSE Russell on September 21, 2026, may influence future market dynamics.