Dangote refinery IPO triggers N1.88trn loss in stock market

The Nigerian stock market on Tuesday halted its three-day bullish rally as investors lost N1.879 trillion, following increased sell-offs ahead of the Dangote Petroleum Refinery IPO.

Market capitalisation dropped from N160.600 trillion to N158.721 trillion, representing a decline of N1.879 trillion or 1.17 per cent.

The All-Share Index (ASI) also dropped by 2,897.67 points or 1.17 per cent, from 247,699.78 to 244,802.11.

This led the market’s Year-to-Date return to 57.31 per cent, while the market breadth closed negative with 64 losers and four gainers.

FG162029S1 led the losers’ chart by 31.19 per cent, finishing at N75, AVA Capital followed by 10 per cent, ending the session at N5.40, and Fortis Global Insurance lost by 9.89 per cent, settling at N1.64 per share.

Abbey Mortgage Bank dipped by 9.74 per cent, closing at N6.95, while Critical Minerals Financing Corp shed by 9.66 per cent, settling at N2.15 per share.

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Conversely, Ellah Lakes topped the gainers’ chart by 7.07 per cent, finishing at N9.85, Nigerian Exchange Group trailed by 1.38 per cent, settling at N131.90, while Learn Africa grew by 1.16 per cent, closing at N8.75 per share.

Wema Bank gained by 0.68 per cent, ending the session at N29.70 per share.

Trading activity strengthened during the session, with total volume traded rising by 84.67 per cent to 753.17 million shares, valued at N27.83 billion across 54,051 deals.

NEM Insurance Plc recorded the highest trading volume and value, with 131.73 million shares worth N4.07 billion changing hands.

This accounted for 17.49 per cent and 14.63 per cent of the total market volume and value, respectively.