NGX ASI rebounds 2.53% after two sessions of losses
The NGX ASI rebounded 2.53% to 1,849.16 on July 9, after declines of 1.33% on July 8 and 1.47% on July 7, according to the market notes provided. First HoldCo jumped 9.2% on volume of 85.53 billion shares, while NAHCO rose 8.8% to NGN160, according to analyst reports, extending a recovery after a volatile week. News flow stayed centered on MTN Nigeria, spanning a NGN1.7 trillion market-value loss on investor exits on July 6 according to MarketForces Africa, a NGN1.86 trillion market gain driven by demand for MTN and Dangote Cement on July 7 according to THISDAYLIVE, and an Aaa rating secured on July 2 according to Investors King. On the corporate side, UTM FLNG signed a gas sale agreement with the NNPCL/Seplat Energy JV on July 8 according to The Nation, while the NGX issued a July 9 bulletin on Lafarge Africa's name change and a July 8 notice on McNichols Consolidated's proposed rights issue.
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