• As IATA, Arik Air management work to resolve suspension from financial systems

The market indices of the Nigerian Stock Exchange  (NSE) on Wednesday dropped by 0.01 per cent after a two-day marginal growth.

Industry experts noted that the market capitalisation which opened Monday at N8.739 trillion lost one billion naira or 0.01 per cent to close at N8.738 trillion due to price losses.

Similarly, the All-Share Index dipped 1.89 points or 0.01 per cent to close at  25, 249.74, against 25,251.63 recorded on Tuesday.

Nestle recorded the highest price loss to lead the losers’ chart, dropping by N23.99 to close at N576 per share.

It was followed by Unilever with a loss of N1.61 to close at N30.69 and Lafarge Africa lost 90k to close at N39 per share.

UACN dipped 65k to close at N12.65, while Conoil lost 49k to close at N35 per share.

Conversely, Nigerian Breweries, for the third consecutive day, led the gainers’ table with a gain of N4.99 to close at N129. 99 per share.

Guinness came second with a gain of N2.85 to close at N64.88 and ETI garnered 14k to close at N9.99 per share.

Oando improved by 11k to close at N4.95,  while Zenith Bank inched 10k to close at N14.80 per share.

In the same vein, the volume of shares traded closed lower as investors bought and sold 118.46 million shares valued at N1.78 billion exchanged in 2,579 deals.

Zenith Bank emerged the most active in volume terms, accounting for 42.03 million shares valued at N621.78 million.

United Capital plc followed with N14.08 million shares valued  at N50.18 million and Fidelity Bank sold 8.99 million shares worth N8.99 million.

Transcorp traded 6.69 million shares valued at N4.97 million, while Diamond Bank exchanged 6.30 million shares worth N5.39 million.

Specifically, NAN reports that this was in contrast with a turnover of 131.61 million shares worth N2.75 billion achieved in 2,764 deals on Tuesday.

Meanwhile, the International Air Transport Association (IATA) says it is currently working with the new management of Arik Air to resolve the airline’s suspension from the IATA Billing and Settlement Plan (BSP) and Cargo Account Settlement System (CASS).

Dr Samson Fatokun, IATA Area Manager, South-West Africa, made the disclosure in a statement obtained by the News Agency of Nigeria (NAN) on Wednesday in Lagos.

NAN reports that the Asset Management Company of Nigeria (AMCON) had on Feb. 9 taken over the airline following its huge indebtedness to the company and other creditors both local and foreign.

AMCON had directed that the airline be managed by Capt. Roy Ilegbodu, a veretan aviation expert, under the receivership of Mr Oluseye Opasanya (SAN).

Fatokun said the airline’s suspension from the IATA financial systems did not affect its IATA membership or its IATA Operational Safety Audit (IOSA) status.

He said Arik Air remained a member of IATA and a fully IOSA registered airline.

NAN reports that IATA represents some 265 airlines comprising 83 per cent of global air traffic.

Additional reports from NAN