NGX ASI drops 2.54% as cement stays in focus with N1.380trn dividends
The NGX ASI closed at 1443.22, down 2.5398% on March 27, after declines of 1.03% on March 24 and 1.67% on March 26, according to market data and analyst notes. Cement stayed at the center of the story: listed cement firms paid shareholders N1.380trn in dividends, according to LEADERSHIP Newspapers, while THISDAYLIVE reported on March 25 that the market had gained N923bn week-on-week on buy interest in BUA Cement. BUA Cement wants to raise capacity with a 3mmtpa greenfield plant and a brownfield project, according to LEADERSHIP Newspapers, keeping the sector in focus despite the index selloff. Transcorp Power profit could rise to N114bn on capacity expansion, Businessday NG reports.
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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.
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.