Dangote Refinery IPO: NGX loses massive N1.9tn in two days as investors sell stocks
The Nigerian stock market experienced a significant downturn, losing N1.9 trillion over two days as investors divested from their holdings in anticipation of the upcoming initial public offering (IPO) for Dangote Refinery, which is set at a valuation of N2.15 trillion.
On Wednesday, the market closed with a 1.17 percent decline, equating to a loss of N20 billion, bringing the total market value down to N1.88 trillion from N1.9 trillion. During the trading session, only four stocks reported gains.
Among the few gainers, Champion Breweries increased by 9.90 percent to N11.10, GreenWef rose 8.28 percent to N757.85, and UPDC added 5.88 percent, trading at N3.60.
In contrast, several stocks, including BUACEMENT and STANBICETF30, led the decline, both recording a drop of 10.00 percent.
This decline follows a particularly challenging day for investors on Tuesday, when the market saw a loss of N1.88 trillion. The total losses for both Tuesday and Wednesday reach N1.9 trillion.
This decline in market value coincides with the preparations for the historic Dangote Refinery IPO, which is scheduled to open on September 16, 2026, at a price of N525 per share.
