Nigerian Exchange — FCMB Drops 6.5% to 10.15 NGN as Pressure Builds Across Banks

Market Bulletin Ellah Lakes Plc's Debt to Equity Conversion

NGX ASI falls 0.84% as FCMB drops 6.5% despite Guinea Insurance's 10% jump

The NGX ASI closed at 1,791.56, down 0.8424% on June 23, while Guinea Insurance jumped 10% despite the broader decline, according to analyst notes. FCMB fell 6.5% to NGN10.15, deepening pressure on bank stocks, after GTCO's 10% gain on June 22 had masked a more fragile market, analysts said. Away from the index, MTN Nigeria vested 129,129 shares worth NGN103.3 million in 6 employees and appointed Bukola Ajayi as CIO, according to TechNext.ng and CIO Africa. In energy, Tony Elumelu was appointed Seplat Energy chairman, according to LEADERSHIP Newspapers, while ARADEL slipped 4.6% over 5 days despite Brent at $77.54, analysts said.

NGX flat; MTN and Seplat drive headlines as GTCO jumps 10%

The NGX ASI closed at 1,806.78, up 0.0094% on June 22, after a weekly gain of 0.09% as of June 19 despite 32 decliners, according to market data and an analyst report. Banks set the tone, with GTCO surging 10% on June 22, while ARADEL fell 4.6% over 5 days despite Brent at $77.54 and DANGSUGAR dropped 8.8% over 5 days, according to analyst reports. On the corporate front, MTN Nigeria appointed Bukola Ajayi as CIO on June 22, while CFO Modupe Kadri bought 1,589,041 shares worth N1.25 billion over 3 days, TechNext.ng reported. MTN Nigeria also partnered with First WATT Renewable to deploy 34 MWp of solar and 40 MWh of battery storage across critical facilities, according to SolarQuarter and FSX Business, while Seplat Energy appointed Elumelu chairman and Okon CEO, THISDAYLIVE reported. Separately, Africa’s largest bank is backing the Dangote Refinery IPO, Techeconomy reported.