NGX ASI falls 1.47% as MTN sheds N1.7 trillion
The NGX ASI closed at 1,827.84, down 1.4673% on July 7, while MTN Nigeria lost N1.7 trillion in market value as investors exited positions, according to MarketForces Africa. News flow centered on MTN Nigeria, which secured an Aaa rating from Agusto on July 2, defended a tariff increase as an "absolute necessity" on July 3 according to Arise News, and appealed against a proposed federal government nationalisation, according to Peoples Gazette Nigeria. In materials, BUA Cement reported FY 2025 profit up 4-fold on FX tailwinds and operating leverage, according to Proshare, while Lafarge Africa fell 6.5% on July 2 ahead of a Q2 earnings catalyst, according to MarketForces Africa. Pockets of strength still emerged against the broader decline, with FTN Cocoa up 9.9% on July 7, NGXGROUP up 14.2% over 5 days, and Aradel jumping 10% on N5.18 billion of trades on July 6, according to analyst notes.
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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.
Nigerian Exchange — DANGSUGAR Drops 7.2% in 5 Days as DANGCEM Jumps 8.7%
DANGSUGAR fell 7.2% over five sessions to 73.0 NGN, lagging an NGX ASI that rose 0.81%. The contrast with DANGCEM, up 8.7% to 1,047.0 NGN, points to a clear rotation into cement names and large-cap defensives.
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%.