Nigeria’s equities market recorded its third negative session on Wednesday (-0.06percent) as investors sold mostly shares of Nigerian Aviation Handling Company, Nigerian Breweries Plc, Berger Paints, and other major laggards.

The three-day negative close on the Bourse this week (-0.44percent) further decreased the market’s return this year to +30.76 percent.

At the close of trading on Wednesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation dropped further from preceding trading day’s highs of 97,830.65 points and N55.545trillion respectively to 97,774.22 points and N55.513trillion.

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Looking at the top decliners list, Berger Paints decreased from N15 to N13.50, down by N1.50 or 10percent. Cutix was down from N5.70 to N5.13, losing 57kobo or 10percent.

Nahco decreased from N39 to N35.10, also losing N3.90 or 10percent. Nigerian Breweries was down from N28 to N25.25, shedding N2.75 or 9.82percent. SCOA dipped from N2.15 to N1.94, down by 0.21kobo or 9.77percent.

Shares of Fidelity Bank, Zenith Bank, Veritas Kapital, Oando and UBA were actively traded as investors in 10,847 deals exchanged 1,838,183,450 shares worth N23.113billion.

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By Iheanyi Nwachukwu • August 1, 2024

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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