Nigeria’s ASI rises 1.04%, lifted by cement and telecom names
Nigeria’s NGX ASI rose 1.04% to 1,847.86 on June 2, while Transexpress jumped 7.1% and DANGSUGAR rebounded 1.2% to NGN72 after a 17.2% five-day slide, according to analyst notes. Cement names dominated the corporate flow, with Lafarge Africa reporting NGN1.10 trillion in 2025 revenue and NGN411 billion in pretax profit, then NGN98 billion in Q1 2026 profit, while BUA Cement spent NGN4.5 billion on distributors, according to Proshare and THISDAYLIVE. Telecom headlines added support, with MTN Nigeria reporting 93.7% population coverage, NGN2.7 billion invested in communities, a 6.4% emissions cut and NGN878.7 billion to NGN879 billion in tax remittances, according to Encomium Magazine, The Guardian Nigeria News, Punch Newspapers and Business News Nigeria. In financials, Stanbic IBTC secured approval for a NGN4 dividend per share and Fidson Healthcare listed its rights issue, according to Investors King and market bulletins.
Related stories
NGX ASI falls 0.89% as MTN highlights N878.7 billion tax remittance
The NGX ASI fell 0.89% to 1,773.4 on June 9, while Abbey Mortgage Bank jumped 9.8% after INTENEGINS gained 9.9% a day earlier, according to analyst notes. MTN Nigeria said it remitted N878.7 billion in taxes and levies to the federal government, according to The Nation and The Guardian Nigeria News. The telecom group also said it plans to open its data billing systems to public scrutiny and is exploring data-tracking tools, according to Premium Times Nigeria and LEADERSHIP Newspapers. In corporate news, Stanbic IBTC hired former Hydrogen CEO to lead Zest Payments, according to Condia, while Africa Oil+Gas Report said Tony Elumelu could be in line to become Seplat chairman.
Nigerian Exchange — Abbey Mortgage Bank Jumps 9.8% Even as NGX ASI Falls 0.89%
Abbey Mortgage Bank rose 9.8% to 11.25 NGN on Tuesday, June 9, 2026, defying a 0.89% drop in the NGX ASI. The move puts Nigeria’s mortgage segment back in focus as investors rotate into niche financials tied to structural housing demand.
Nigerian Exchange — NGX ASI Falls 1.85% Despite 35 Gainers as Transcorp and PZ Cushion the Drop
The NGX ASI fell 1.85% this week to 1,809.47, yet market breadth stayed positive at 35 advancers against 13 decliners. Rotation into defensive and mid-cap names, including Transcorp and PZ Cussons Nigeria, partly offset weakness in a few heavyweight banks and International Breweries.