NGX ASI falls 0.93% as MTN and energy headlines drive focus
The NGX ASI fell 0.9293% to 1,756.92 on June 10, while Livestock Feeds jumped 10% despite the broader decline, according to analyst notes. OANDO held at NGN 50.5 with oil at $93.72 a barrel, after Abbey Mortgage Bank rose 9.8% on June 9 and INTENEGINS gained 9.9% on June 8, according to analysts. In corporate news, MTN Nigeria defended its data pricing and highlighted a new monitoring platform, while also saying it remitted NGN 878.7 billion in taxes and levies to the federal government, according to Extensia Ltd, TechAfrica News and The Nation Newspaper. In energy, Seplat appointed Elumelu chairman and Effiong Okon chief executive on June 9, while Heirs Energies' $750 million financing was named oil and gas deal of the year, Majorwaves Energy Report said.
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MTN leads NGX narrative with NGN3 trillion H1 revenue
The NGX ASI rose 0.21% to 1,875.44 on Aug. 11, while FTN Cocoa jumped 9.9% according to analyst notes and DANGSUGAR fell 7.2% over 5 days. MTN Nigeria drove the newsflow with nearly NGN3 trillion in H1 2026 revenue, up 25.9%, and 70.6% profit growth, according to CNBC Africa and Telecom Review Africa. The company also said it spent NGN1.62 trillion to NGN1.63 trillion on network capex, according to APAnews and Punch Newspapers, while fintech revenue fell 7% after lending rules, The Guardian Nigeria News reported. In industry, BUA Cement wants to raise capacity with a 3 mmtpa greenfield plant and a brownfield project, according to LEADERSHIP, while Dangote Refinery could pursue a Johannesburg secondary listing as part of a $5 billion IPO, according to Financial Nigeria and African Capital Markets News.
Nigerian Exchange — DANGSUGAR Falls 7.2% in 5 Days as DANGCEM Steals the Spotlight
DANGSUGAR slid 7.2% over five sessions to 73.0 NGN, while DANGCEM rose 8.7% to 1,047.0 NGN. In a mixed Nigerian market, the gap between the two Dangote names points to a clear rotation toward more defensive industrial exposure.
MTN leads NGX as ASI rises 0.81% amid $5 bln IPO push
The NGX ASI rose 0.81% to 1,871.46 on Aug. 10, after a 1.28% weekly gain as of Aug. 7 despite 27 decliners, according to analyst reports. MTN Nigeria drove the flow with H1 revenue of N2.99 trillion to N3.0 trillion and profit growth of 70.6% to 71% to N707.5 billion, while 4.9 million net subscriber additions lifted service revenue 25.9% to N3.0 trillion, according to Telecom Review Africa, Techeconomy and Investors King. The group also invested N1.62 trillion in network infrastructure and is still awaiting CBN approval to complete the sale of a 60% fintech stake, while the Xtratime suspension triggered a 72% collapse in Q2 fintech revenue, according to APAnews, Business Post Nigeria and Marketing Edge Magazine. Elsewhere, Seplat Energy’s H1 profit after tax jumped 498% to $164 million, cement companies grew H1 profit 40% to N1.17 trillion and BUA Cement wants to add 3 mmtpa through greenfield and brownfield projects, while Dangote Refinery’s $5 billion IPO is drawing closer and the JSE is pursuing a secondary listing, reports Financial Nigeria and African Capital Markets News.