The Nigerian equities market suffered a major setback on Tuesday, shedding N1.879 trillion in market value as investors intensified sell-offs to raise funds ahead of the planned Initial Public Offering (IPO) of the Dangote Petroleum Refinery.
The sharp decline brought an abrupt end to the market’s three-day bullish run, with analysts attributing the widespread selling pressure largely to investors repositioning their portfolios in anticipation of the highly awaited refinery offer.