Stock market records first negative close in September

Nigeria’s equities market decreased by 0.35 percent or N193billion on Wednesday, recording it’s first negative close in this month of September.

Investors took profit in most of the market’s major advancers year-to-date (YtD) like Oando and RT Briscoe. Oando decreased most, from N91 to N81.90, down by N9.10 or 10 percent.

The Initiates also decreased from N2.01 to N1.81, down 20kobo or 9.95 percent, while RTBriscoe moved down from N2.88 to N2.60, down by 28 kobo or 9.72 percent.

The market’s negative close came in line with analysts expectations that following earlier sessions of positive closes, it will see a mix of cautious trading and selective buying as market participants remain on the lookout for any signs of broader market interest.

Investors lock in T-bills amid market optimism

By Eniola Olatunji • September 5, 2024

Iheanyi Nwachukwu

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.