Nigeria’s equity market shed roughly N1.9 trillion over Tuesday and Wednesday as investors reduced their holdings ahead of the planned initial public offering of Dangote Refinery, which carries a valuation of N2.15 trillion.
The market fell by 1.17%, equivalent to about N20 billion, in Wednesday’s session. Its value declined from N1.9 trillion to N1.88 trillion, with only four listed companies posting gains during the day.
Champion Breweries was the strongest performer, climbing 9.90% to N11.10. GreenWef advanced 8.28% to N757.85, while UPDC increased 5.88% to N3.60. Selling pressure dominated the broader market, however, with BUACEMENT and STANBICETF30 each dropping 10.00% to head the decliners.
The latest decline followed an especially severe sell-off on Tuesday, when investors lost N1.88 trillion in a single session. Combined, the losses recorded across the two trading days amounted to N1.9 trillion.
The market weakness comes as the Nigerian Exchange Group prepares for the much-anticipated Dangote Refinery IPO. The offering is scheduled to begin on September 16, 2026, at an issue price of N525 per share.
