NGX ASI falls 1.47% as MTN sheds N1.7 trillion
The NGX ASI closed at 1,827.84, down 1.4673% on July 7, while MTN Nigeria lost N1.7 trillion in market value as investors exited positions, according to MarketForces Africa. News flow centered on MTN Nigeria, which secured an Aaa rating from Agusto on July 2, defended a tariff increase as an "absolute necessity" on July 3 according to Arise News, and appealed against a proposed federal government nationalisation, according to Peoples Gazette Nigeria. In materials, BUA Cement reported FY 2025 profit up 4-fold on FX tailwinds and operating leverage, according to Proshare, while Lafarge Africa fell 6.5% on July 2 ahead of a Q2 earnings catalyst, according to MarketForces Africa. Pockets of strength still emerged against the broader decline, with FTN Cocoa up 9.9% on July 7, NGXGROUP up 14.2% over 5 days, and Aradel jumping 10% on N5.18 billion of trades on July 6, according to analyst notes.
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