Dangote Refinery IPO Prospect Drives ₦1.88tn Nigerian Stock Market Sell-Off

Nigeria’s equities market lost ₦1.879 trillion on Tuesday as investors sold existing holdings to raise cash ahead of the proposed Dangote Petroleum Refinery initial public offering. Market capitalisation fell from ₦160.600 trillion to ₦158.721 trillion, while the All-Share Index declined by 1.17% to 244,802.11 points. Sixty-four stocks closed lower, compared with four gainers. An investment firm managing director said sales at his firm were about 15 times higher than purchases, as investors repositioned for the expected September 14 offer. Trading volume nevertheless rose 84.67% to 753.17 million shares valued at ₦27.83 billion, while the market’s year-to-date return remained at 57.31%.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.