NGX ASI rises 1.25% as Seplat and banks get support from S&P
The NGX ASI rose 1.245% to 1,711.75 on May 21, extending a rebound that started after a 4-session losing streak, after BUA Cement and large-cap banks helped snap that run on May 19, according to Nairametrics. S&P upgraded ratings on May 21 for 7 institutions, including Access, GTB, Stanbic IBTC, Standard Chartered, UBA and Zenith, according to THISDAYLIVE. Seplat Energy expanded its asset base and projects $1 billion in dividends as part of its growth drive, according to LEADERSHIP Newspapers, while the stock climbed 11% in 5 days, according to analyst notes. Tony Elumelu is set for a Seplat board role after a landmark $500 million energy deal, TTYBrand Africa reports, while Eterna was active after the May 20 listing of its rights issue, according to the market bulletin and analyst reports.
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Nigerian Exchange — NAHCO Jumps 9.3% as $86.26 Brent Revives Nigeria Cargo Trade Bet
NAHCO led NGX gainers with a 9.3% jump to 153 NGN in a market where losers still outnumbered gainers 32 to 16. Brent at $86.26 and a strong banking rebound helped lift the NGX All Share Index by 0.81%.
NGX rises 1.28% as MTN’s N3 trln revenue and Seplat’s $164 mln profit lift mood
The NGX ASI closed at 1,856.34, up 1.2777%, extending its weekly gain to 1.28% as Access and UBA led a rebound despite 27 decliners, according to Afrivestia analysts. MTN Nigeria dominated the tape with H1 revenue of nearly N3.0 trillion, net profit of N707.5 billion up 70.6% to 71%, 4.9 million new subscribers and an interim dividend of N26, according to Independent Newspaper Nigeria, Telecom Review Africa, Techeconomy, Investors King and Proshare. The group also cleared its FX debt, opening a new investment phase, while an FCCPC crackdown on airtime lending wiped out nearly 75% of fintech revenue, Business News Nigeria reported. In energy, Seplat Energy posted H1 profit after tax of $164 million, up 498%, while NNPC wants to acquire 10% of its JV for $281.6 million, according to Daily Trust and Punch Newspapers. In materials, cement companies lifted H1 profit by 40% to N1.17 trillion, while BUA Cement wants to add 3 mmtpa through a greenfield plant and a brownfield project after approving a N10.00 per share dividend, according to The Guardian Nigeria News, LEADERSHIP Newspapers and Proshare.
Nigerian Exchange — INTENEGINS slides 5.8% in 5 days as NGX ASI rises 1.28%
INTENEGINS fell 5.8% over five sessions to 4.04 NGN, underperforming a 1.28% rise in the NGX ASI. With an RSI of 40.29, a P/E of 18.4 and high risk, the stock is showing relative weakness in a sharply mixed insurance segment.