June 22, 2026 – Lagos, Nigeria
The Nigerian stock market suffered one of its sharpest weekly declines in recent months as investors dumped equities amid profit-taking activities and preparations for the anticipated Dangote Refinery Initial Public Offering (IPO).
The NGX All-Share Index recorded a month-to-date decline of 5.77 per cent as of June 19, 2026, closing at 234,941.27 points from 250,385.47 points at which it opened for the month.
Market capitalisation shed N5.643 trillion to finish the week at N151.327 trillion as investors locked in gains across several large-cap stocks. The broad-based selloff left market breadth firmly negative.
Analysts said the decline was driven by a combination of seasonal market dynamics, portfolio rebalancing by investors seeking liquidity ahead of the expected Dangote Refinery share offer, and efforts by some operators to preserve capital amid changing regulatory and political conditions.
Bismarck Rewane, Managing Director of Financial Derivatives Company, had earlier predicted that the NGX would first fall under sell-off pressures before gaining on the back of the Refinery IPO.
The Dangote Refinery IPO is one of the most anticipated events in the Nigerian stock market. The company is targeting a $50 billion valuation ahead of a stock market listing later this year.
Rewane has projected that the proposed listing of the Dangote Refinery could raise NGX capitalisation to N236 trillion. However, the immediate impact of the IPO has been increased volatility as investors reposition their portfolios.
The sharp decline in the stock market reflects investor anxiety ahead of the Dangote Refinery IPO and broader concerns about the economy. While the IPO could provide a significant boost to the market in the long term, the short-term volatility is a cause for concern. Investors should be prepared for continued volatility as the market adjusts to changing conditions
More on Business & Economy