NGX ASI slips 0.74% despite Nestle's NGN105bn profit and telecom rally
The NGX ASI fell 0.7432% to 1,789.64 on July 16, even as pockets of strength persisted in individual names, including an 8% gain in McNichols according to market notes. Telecom stocks added NGN5.67 trillion to MTN and Airtel on earnings optimism, The Whistler Newspaper reported, while Nestle Nigeria posted NGN105 billion in FY 2025 profit after tax with its share price cited at NGN3,100, according to Proshare. In energy, Seplat named a chairman-designate and an incoming CEO, according to Proshare, after its NNPCL joint venture signed a 15-year gas supply deal with UTM FLNG, The Guardian Nigeria News reported. In Lafarge Africa, attention centered on a proposed $1 billion acquisition endorsed by the Senate, while questions were raised over 66% ownership, according to LEADERSHIP Newspapers and thestreetjournal.org, as Proshare highlighted a corporate transformation aimed at long-term competitiveness.
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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.
Nigerian Exchange — NGX Gains 1.28% for Aug. 3-7 Week as Access, UBA Lift Trade Despite 27 Decliners
The NGX rose 1.28% in the week ended August 7, 2026, led by financials and telecom even as breadth stayed weak at 17 gainers versus 27 losers. Access Holdings, UBA and GTCO drew heavy turnover in a market still tied to naira stability and oil prices.