NGX sheds N1.67 trillion as sell-off deepens across sectors
The Nigerian equities market remained under pressure for a second straight session on Wednesday, September 9, 2026, as the benchmark All-Share Index (ASI) declined 1.05% to close at 242,223.10 points, erasing approximately N1.67 trillion in market capitalisation. The post NGX sheds N1.67 trillion as sell-off deepens across sectors appeared first on Nairametrics .
On Wednesday, September 9, 2026, the Nigerian equities market continued to experience pressure, marking its second consecutive day of decline. The All-Share Index (ASI) fell 1.05% to close at 242,223.10 points, resulting in a market capitalization loss of approximately N1.67 trillion. This recent drop follows Tuesday's significant N1.88 trillion loss, bringing the ASI to its lowest level of the week.
From Monday's peak of 247,699.78 points, the index has now dropped 5,476.68 points over the past two days. Investors are anticipated to sell ahead of the Dangote Refinery IPO subscription window, opening on September 14. Despite a weak market breadth, with only 11 stocks advancing against 44 decliners, BUA Cement experienced the most substantial decline, falling 10.00% to N278.10 and losing N30.90 per share.
Among the gainers, Champion Breweries led with a 9.90% increase, while VFD Group, UPDC, Ikeja Hotel, and Cutix also reported notable gains. Banking stocks showed mixed performance, with Zenith Bank up 1.64% to N124.00, Sterling Financial Holdings up 2.67% to N7.70, UBA up 0.47% to N42.95, and NGX Group up 0.83% to N133.00. Sectoral performance was largely negative, reversing the divergence observed the previous day.
The Oil & Gas Index saw a slight decline of 0.20%, while the Commodity Index remained unchanged. Reduced trading volumes and fewer transactions suggest a lack of participation in the market decline. Volume decreased by 29.04% to 534.45 million shares traded, and the number of deals dropped to 46,943 from 54,051. Turnover value fell by 19.94% to N22.28 billion.
Notably, Sterling Financial Holdings (STERLINGNG) led the volume tally with 78.11 million shares traded. Nestlé Nigeria contributed significantly to the value decline, with N3.20 billion in value, despite a price decrease. With the market's two consecutive days of heavy losses, a combined N3.55 trillion in market capitalization has been wiped out between Tuesday and Wednesday.
The reclassification of Nigeria to Frontier Market status by FTSE Russell, effective from September 21, will likely keep attention focused on the refinery listing and index-eligibility flows in the upcoming sessions.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
