Nigeria’s stock market suffered a sharp reversal on Tuesday, September 8, 2026, with investors wiping about N1.88 trillion from market capitalisation as selling pressure swept across major stocks. The NGX All-Share Index fell by 1.17% to close at 244,802.11 points, down from 247,699.78 points recorded in the previous session. The decline came just a day after the market crossed the N160 trillion mark, highlighting how quickly investor sentiment has shifted.
The sell-off was broad-based, with market breadth showing just four gainers against 62 losers. First HoldCo was among the biggest casualties, dropping 9.30% to N136.00, while Access Holdings fell 7.06% to N27.65, UBA declined 5% to N42.75 and Zenith Bank lost 3.94% to close at N122.00. Other notable decliners included Transcorp, UACN and Dangote Sugar, adding to the pressure on the benchmark index.
The weakness was particularly visible in the financial sector. The Banking Index plunged 5.29%, while the Insurance Index declined 4.38%. The Industrial Index also slipped 0.64%. However, not every part of the market was under pressure, as the Oil & Gas Index jumped 5.76%, while the Commodity Index gained 4.04% and Consumer Goods edged up 0.49%. Ellah Lakes led the small group of gainers, rising 7.07% to N9.85, followed by NGX Group, Learn Africa and Wema Bank.
Interestingly, the heavy sell-off came alongside a significant increase in trading activity, suggesting that investors were actively reshuffling their portfolios rather than simply leaving the market. Trading volume surged 84.67% to 753.17 million shares, while market turnover rose slightly to N27.82 billion across 54,051 deals. NEM topped the volume chart with 131.73 million shares traded, while AccessCorp also recorded strong activity despite its decline in share price.
Market watchers are now turning their attention to the Dangote Refinery IPO, which is scheduled to open for subscription on September 14. The offering, valued at about N2.1 trillion, is expected to attract significant investor interest and could influence how funds are allocated across the Nigerian equities market in the coming sessions. With the market also preparing for Nigeria’s return to FTSE Russell Frontier Market status on September 21, investors could remain cautious as they balance profit-taking, liquidity needs and opportunities created by major market events.
source: nairametrics
