NGX ASI drops 1.03% to 1484.94 as Airtel Africa surges 10%
The NGX All-Share Index fell 1.03% to close at 1484.94 on March 24, exchange data shows. The decline came despite oil rebounding to $102.95 per barrel, according to March 24 market analysis. Airtel Africa jumped 10% during the session, following Presco's 10% surge the previous day that had pushed the index up 1.60%. MTN Nigeria reported N1.1 trillion profit, Punch Newspapers said March 22, while listed cement firms paid N1.380 trillion in dividends, Leadership Newspapers reported March 23.
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The NGX ASI closed at 1,791.56, down 0.8424% on June 23, while Guinea Insurance jumped 10% despite the broader decline, according to analyst notes. FCMB fell 6.5% to NGN10.15, deepening pressure on bank stocks, after GTCO's 10% gain on June 22 had masked a more fragile market, analysts said. Away from the index, MTN Nigeria vested 129,129 shares worth NGN103.3 million in 6 employees and appointed Bukola Ajayi as CIO, according to TechNext.ng and CIO Africa. In energy, Tony Elumelu was appointed Seplat Energy chairman, according to LEADERSHIP Newspapers, while ARADEL slipped 4.6% over 5 days despite Brent at $77.54, analysts said.
Nigerian Exchange — FCMB Drops 6.5% to 10.15 NGN as Pressure Builds Across Banks
FCMB fell 6.5% to 10.15 NGN on Tuesday, extending its 5-day decline to 6.9%. Despite a 2.6 P/E and 5.42% dividend yield, the stock is under pressure as banking names weaken in a market where the NGX ASI lost 0.84%.