Nigeria’s equities market decreased by 0.04 percent on Wednesday, its third consecutive session of negative close this week.

Key names have since this week put downward pressure on the stock market ahead of month end.

Month-to-date (MtD), the market has decreased by 0.54 percent, while this week it has decreased by 1.43 percent. Year-to-date (YtD), the market’s return stood lower at 31.09 percent.

Read also: Equities market sees first dip this week as investors price in inflation figure

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The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased further from preceding day’s highs of 98,058.07 points and N59.418 trillion respectively to 98,023.23 points and N59.396trillion.

The market dropped further following profit-taking insurance and consumer goods stocks. Stocks like Jaiz Bank, PZ Cussons Nigeria and UPDC were major laggards on Wednesday.

Jaiz Bank decreased from N2.50 to N2.25, losing 25 kobo or 10 percent. PZ was down from N21 to N18.90, losing N2.10 or 10 percent. Also, UPDC dipped from N1.60 to N1.45, shedding 15 kobo or 9.37 percent.

Jaiz Bank, UBA, Chams, MTNN and Zenith Bank were actively traded stocks as investors in 10,028 deals exchanged 538,956,267 share worth N15.301billion.

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By Iheanyi Nwachukwu • October 31, 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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