NGX ASI slips 0.29% despite momentum in BUA Cement and First HoldCo
The NGX ASI fell 0.288% to 1,769.16 on July 28, after a 1.76 trillion naira rally led by First HoldCo and BUA Cement on July 21, according to Investors King. BUA Cement dominated the newsflow with 324.88 billion naira in H1 2026 profit after tax, 325 billion naira in pretax profit and 16.57 billion naira in foreign-exchange gains, according to Proshare, Independent Newspaper Nigeria and Premium Times Nigeria. The tone stayed firm in large caps, with MTN Nigeria posting 1.11 trillion naira in FY 2025 profit after tax, Transcorp Power reporting 54.99 billion naira in H1 2026 pretax profit and UBA winning 2 Euromoney awards, according to Proshare, THISDAYLIVE and Daily Trust. In stocks, Lasaco jumped 10% on July 28 and NGXGROUP rose 18.9% over 5 days, while JAIZBANK fell 5.0% to 8.55 naira and SEPLAT lost 2.0% over 5 days despite Brent at $83.76, 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%.