Dangote Sugar Refinery Plc’s (Ticker: DANGSUGAR) share price nosedived by 10% as investor sentiment deteriorated after an unimpressive earnings performance.

Jaiz Bank Plc faced a significant selloff, with its market value plunging 10% as investors offloaded shares associated with Islamic finance.

The Central Bank of Nigeria (CBN) hiked the discount rate on Nigerian Treasury bills with 364-day maturity by 83 basis points to 16.73% at the main auction conducted on Wednesday.

Selloffs in Dangote Sugar Refinery, Jaiz Bank, and other decliners dragged the Nigerian Exchange (NGX) market capitalisation down by about N102 billion on Wednesday.

President Bola Tinubu has directed the suspension of the newly introduced cashless payment system at airports over traffic gridlock experienced by travellers across the country.

The Central Bank of Nigeria (CBN) has taken delivery of responsibly sourced gold refined to London Bullion Market Association (LBMA) Good Delivery standards into its foreign reserves.

Naira fell against the US dollar for the 11th consecutive trading session on Wednesday, reflecting a lack of adequate foreign currency liquidity to meet international payments.

The Nigerian Exchange (NGX) ended its recent positive streak on Wednesday, with the All-Share Index (ASI) declining 0.08% to 196,463.22 points, bringing the year-to-date return to 26.25%.

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