NGX ASI slips 0.74% despite Nestle's NGN105bn profit and telecom rally
The NGX ASI fell 0.7432% to 1,789.64 on July 16, even as pockets of strength persisted in individual names, including an 8% gain in McNichols according to market notes. Telecom stocks added NGN5.67 trillion to MTN and Airtel on earnings optimism, The Whistler Newspaper reported, while Nestle Nigeria posted NGN105 billion in FY 2025 profit after tax with its share price cited at NGN3,100, according to Proshare. In energy, Seplat named a chairman-designate and an incoming CEO, according to Proshare, after its NNPCL joint venture signed a 15-year gas supply deal with UTM FLNG, The Guardian Nigeria News reported. In Lafarge Africa, attention centered on a proposed $1 billion acquisition endorsed by the Senate, while questions were raised over 66% ownership, according to LEADERSHIP Newspapers and thestreetjournal.org, as Proshare highlighted a corporate transformation aimed at long-term competitiveness.
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