NGX rises 1.31% as MTN and Seplat lead H1 earnings

The NGX ASI closed at 1,830.37, up 1.3056% on August 4, while Nigeria REIT jumped 9.7% despite 43 decliners, according to the August 4 analyst note. On earnings, MTN Nigeria posted H1 revenue of N2.99 trillion to N3 trillion, added 4.9 million subscribers, lifted service revenue by 25.9%, and declared a N26 dividend, according to Independent Newspaper Nigeria and Techeconomy. Punch Newspapers also reports MTN Nigeria cleared its FX debt, but Marketing Edge Magazine says the Xtratime suspension triggered a 72% collapse in Q2 fintech revenue, leaving a mixed operating picture. Elsewhere, Seplat Energy’s H1 profit after tax surged 498% to $164 million, while cement companies grew H1 profit by 40% to N1.17 trillion, according to Daily Trust and The Guardian Nigeria News.