NGX Loses N1.9trn as Investors Take Profit Ahead of Dangote Refinery IPO

The Nigerian equities market reversed its recent bullish run last week, with investors taking profits across major stocks and wiping about N1.9 trillion from market value.
The sell-off followed a N3.73 trillion gain recorded on the Nigerian Exchange Limited (NGX) in the previous week, as heavy selling spread across banking, industrial goods, consumer, oil and gas, and insurance stocks.
The NGX All-Share Index (ASI) fell 1.6% to 243,052.74 points, from 246,992.44 points, while market capitalisation declined amid widespread profit-taking.
Analysts said the broad-based sell-off suggests investors were reducing risk and locking in gains after the market’s strong year-to-date performance.
The market also witnessed increased portfolio repositioning ahead of the Dangote Refinery Initial Public Offering (IPO), scheduled to open for public subscription on September 14, 2026.
Analysts at InvestData Consulting Limited said investors seeking to participate in the IPO could raise funds by trimming existing holdings, potentially putting further pressure on stocks with weaker near-term catalysts.
However, the analysts noted that the correction does not necessarily signal a fundamental deterioration in the Nigerian equity market, with corporate earnings, domestic liquidity and investor participation remaining key medium-term drivers.
The NGX is expected to remain volatile as investors balance profit-taking with market fundamentals, while the Dangote Refinery IPO, crude oil prices, corporate earnings and liquidity continue to shape market sentiment.