NGX falls 0.97% despite strong showings from BUA Cement and MTN
The NGX ASI closed at 1491.57 points, down 0.97% on Wednesday. This decline comes despite BUA Cement's recent surge of 10% to ₦326.7 earlier in the week, according to Nairametrics. MTN Nigeria also became the group's biggest profit engine, overtaking South Africa, reports Business Insider Africa. Insurers gained on capital raise news while oil stocks like Aradel and Presco declined.
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The NGX ASI rose 0.3285% to 1,805.06 on June 17, in a mixed market where 52 stocks declined, according to analyst notes. MTN Nigeria partnered with First WATT to deploy 34 MWp of solar PV, 40 MWh of battery storage and EV charging infrastructure across critical facilities, according to FSX Business and SolarQuarter. On the corporate front, Africa’s largest bank is backing the Dangote refinery IPO, Techeconomy reports, with no additional timetable disclosed. Among stock moves, Cornerstone Insurance jumped 9.3% on June 17, while DANGSUGAR reached NGN 79.5 over 5 days despite broader market pressure, according to analysts.
Nigerian Exchange — FCMB Slides 8.8% in 5 Days Despite a 2.8 P/E
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