NGX ASI slips 0.37% as MTN and Lafarge drive the narrative
The NGX ASI fell 0.3668% to 1,817.17 on July 13, after a week that saw the index shed 1.37%, according to Afrivestia analysts. MTN Nigeria led the flow with FY 2025 audited profit after tax of 1.11 trillion naira and a quoted share price of 760 naira, according to Proshare, after losing 1.7 trillion naira in market value in an investor selloff on July 6, according to MarketForces Africa, before a 1.86 trillion naira market rebound on July 7 driven in part by MTN and Dangote Cement, according to THISDAYLIVE. On the tape, DANGCEM jumped 8.7% with a 4.3% dividend yield, while NIDF gained 10% despite the index decline, according to Afrivestia analysts. In corporate news, the Senate endorsed a proposed $1 billion acquisition of Lafarge Africa by a Chinese company, while questions were raised over ownership of 66% of Lafarge shares, according to thestreetjournal.org and LEADERSHIP Newspapers, and UTM FLNG signed a gas sale agreement with the NNPCL/Seplat Energy JV, according to The Nation Newspaper.
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