NGX rises 0.87% as Aradel jumps 10% while MTN sheds N1.7 trillion
The NGX ASI rose 0.8717% to 1,855.06 on July 6, led by energy, as Aradel jumped 10% on 5.18 billion naira of turnover, according to the July 6 analyst report. MTN Nigeria lost 1.7 trillion naira in market value as investors exited positions, MarketForces Africa reported, after a week in which the index slipped 0.21% despite 31 gainers and 3 stocks posting 10% gains, according to the July 3 analyst report. On fundamentals, MTN Nigeria secured a Aaa rating on July 2 as its earnings recovery strengthened, according to Investors King, and its chief executive said on July 3 that a tariff increase was an absolute necessity for the company's survival, Arise News reported. In materials, BUA Cement's 2025 profit quadrupled on foreign-exchange tailwinds, according to Proshare, while Lafarge Africa fell 6.5% ahead of an anticipated second-quarter earnings catalyst, MarketForces Africa reported.
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