Dangote refinery IPO misses 10m investors target despite N6.4tn demand

The Nigerian stock market hit a significant milestone, with the NGX All-Share Index closing at 249,710.59 points on November 5, 2026, marking a 1.98% decline to 250,000. This downturn led to profit-taking among large blue-chip companies, with Dangote Cement taking the biggest hit at a 10% loss. The Consumer Goods Index experienced a 1.12% decline, while the Banking Index dropped by 0.66% and the Insurance Index went down 2.51%.

The overall market valuation fell by N3.3 trillion to settle at N162.12 trillion, and the year-to-date return softened to 60.47%. Negative market breadth was reported, with 36 decliners versus 20 gainers. The liquidity squeeze in existing blue chips, coupled with profit-taking, resulted in a correction below the 250,000-level on the market.

It’s believed that the massive capital injection from the Dangote Refinery IPO, scheduled for October, will help drive market market capitalization back up to approximately 230 trillion as soon as the shares are listed on the NGX (expected in December). This could potentially revive the primary bull trend, particularly around the new upside resistance zone of 251,200 – 253,000.

It is advised that short-term traders wait for stabilization signals, such as bullish engulfing patterns or long lower wicks, before entering fresh long positions near the support zone of 248,500 – 250,000. On the other hand, long-term value investors may find the market corrections a good time to buy diversified blue-chips that are currently oversold during the dip.