Market Bulletin Fortis Global Insurance Plc's Debt to Equity Conversion

Nigerian Exchange — May & Baker Jumps 9.9% to 42.85 NGN as NGX ASI Falls 0.82%

May & Baker Nigeria rose 9.9% to 42.85 NGN on Thursday, July 30, 2026, defying a 0.82% drop in the NGX ASI. The move highlights pharmaceuticals as a defensive pocket in a session where 40 of 66 stocks declined.

Nigerian Exchange — Transcorp Rises 2.8% as 43 Stocks Fall, Insurers Cushion Weak Tape

The NGX ASI added just 0.06% on July 29, 2026, even as 43 of 66 tracked stocks declined. Transcorp rose 2.8% to NGN 42.00, while insurers held up better as Brent jumped to $90.93 and the naira stayed broadly steady at 1,363.11 per dollar.

NGX ASI slips 0.29% despite momentum in BUA Cement and First HoldCo

The NGX ASI fell 0.288% to 1,769.16 on July 28, after a 1.76 trillion naira rally led by First HoldCo and BUA Cement on July 21, according to Investors King. BUA Cement dominated the newsflow with 324.88 billion naira in H1 2026 profit after tax, 325 billion naira in pretax profit and 16.57 billion naira in foreign-exchange gains, according to Proshare, Independent Newspaper Nigeria and Premium Times Nigeria. The tone stayed firm in large caps, with MTN Nigeria posting 1.11 trillion naira in FY 2025 profit after tax, Transcorp Power reporting 54.99 billion naira in H1 2026 pretax profit and UBA winning 2 Euromoney awards, according to Proshare, THISDAYLIVE and Daily Trust. In stocks, Lasaco jumped 10% on July 28 and NGXGROUP rose 18.9% over 5 days, while JAIZBANK fell 5.0% to 8.55 naira and SEPLAT lost 2.0% over 5 days despite Brent at $83.76, according to analyst notes.