NGX ASI drops 1.47% as MTN Nigeria weighs, while a few stocks jump
The NGX ASI closed at 1,863.41, down 1.4663% on August 18, in a market where MTN Nigeria slid on interim dividend selling, according to MarketForces Africa. Pockets of strength still appeared, with Haldane McCall up 10% on August 18 and Legend International rising 10% on August 17 despite 38 decliners, according to analyst notes. Rotation was also visible over 5 days, with DANGSUGAR down 5.5% while DANGCEM attracted flows, and NGXGROUP falling 8.6% despite a 26.9 P/E, according to analysts. On the corporate side, Punch Newspapers reports MTN Nigeria spent N1.63 trillion on CAPEX, while Stanbic IBTC flagged a possible H1 filing delay on August 12 before announcing a platform upgrade to FinnAxia 9.0 on August 14, according to FinTech Futures.
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Nigerian Exchange — NGXGROUP Slides 8.6% in 5 Days Despite a 26.9 P/E
NGXGROUP fell to 128.0 NGN after an 8.6% five-day drop, as the Nigerian market lost 1.47%. The pullback comes amid weaker risk appetite, with 33 decliners versus 18 gainers across the NGX.
Nigerian Exchange — DANGSUGAR Falls 5.5% in 5 Days as DANGCEM Draws Capital
DANGSUGAR fell 5.5% over five sessions to 69.0 NGN, underperforming a market that was already down 1.47%. By contrast, DANGCEM rose 8.7% to 1,047.0 NGN, pointing to a clear rotation into cement within the Dangote complex.
Nigerian Exchange — Haldane McCall Jumps 10% Even as NGX ASI Drops 1.47%
Haldane McCall posted the day’s strongest gain, rising 10.0% to NGN 3.20 while the NGX ASI fell 1.47%. The divergence highlights a market session driven by selling in financials, even as the naira strengthened and Brent crude held above $91.