NGX ASI slips 0.48% as energy deals and Dangote IPO backing lead
The NGX ASI fell 0.48% to 1,799.15 on June 16, according to market data. Techeconomy reports that Africa’s largest bank is backing the Dangote Refinery IPO, without giving a deal size or timetable. SolarQuarter says First WATT Renewable and MTN Nigeria partnered to deploy 34 MWp of solar PV and 40 MWh of battery storage across critical facilities. On the stock side, Prestige Assurance jumped 9.8% despite the broader decline, while TRANSCORP fell 8.3% over 5 days and the market is testing support at NGN 43, according to analyst notes.
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NGX ASI rises 0.33% as MTN Nigeria rolls out 34 MWp of solar
The NGX ASI rose 0.3285% to 1,805.06 on June 17, in a mixed market where 52 stocks declined, according to analyst notes. MTN Nigeria partnered with First WATT to deploy 34 MWp of solar PV, 40 MWh of battery storage and EV charging infrastructure across critical facilities, according to FSX Business and SolarQuarter. On the corporate front, Africa’s largest bank is backing the Dangote refinery IPO, Techeconomy reports, with no additional timetable disclosed. Among stock moves, Cornerstone Insurance jumped 9.3% on June 17, while DANGSUGAR reached NGN 79.5 over 5 days despite broader market pressure, according to analysts.
Nigerian Exchange — FCMB Slides 8.8% in 5 Days Despite a 2.8 P/E
FCMB is drawing attention after falling 8.8% in five sessions to 10.9 NGN, even as the Nigerian market saw 52 decliners on June 17, 2026. The stock pairs a low 2.8 P/E with a weakened technical setup, reflected in an RSI of 40.79.