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.
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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.
Nestlé Nigeria and Lafarge lead headlines as ASI rises 0.21%
The NGX ASI closed at 1,843.49, up 0.206% on June 4, while Aradel fell 9.5% yet led turnover at NGN3.43 billion, according to analyst reports. Nestle Nigeria posted NGN105 billion profit after tax for FY 2025, according to Proshare, while Lafarge Africa said Q1 2026 profit more than doubled to NGN98 billion on stronger sales and cost control, THISDAYLIVE reported. In telecoms, MTN Nigeria said it remitted NGN879 billion in taxes, cut emissions by 6.4% and reached 93.7% population coverage, while saying it wants to connect 8 million homes to fibre by 2028, according to Punch, The Guardian Nigeria News, Encomium Magazine and Africa Business Communities. Elsewhere, BUA Cement spent NGN4.5 billion on distributors, according to THISDAYLIVE, while a Stanbic IBTC independent director sold 303,800 shares in an insider transaction, Investors King reported.