MTN leads Nigeria profits as NGX ASI posts a 0.73% weekly gain
The NGX ASI stood at 1,557.63, up 0.7347%, after a week supported by near-10% gains in INTBREW and CHAMS, according to market data and April 10 analyst notes. MTN Nigeria overtook Zenith Bank as the country's most profitable listed company, The Africa Report said on April 8, while Techpoint Africa reported on April 9 that its chief executive received a large bonus. Trading stayed split, with Transcorp Express up 9.9% on April 9 and Univinsure up 10% on April 8, while DANGSUGAR fell 3.1% over 5 days and DANGCEM was broadly flat, according to analysts. On the regulatory side, the NGX on April 9 published the delisting of DN Tyre and Rubber Plc and Greif Nigeria Plc, alongside an addendum to Access Holdings Plc's private placement.
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NGX ASI falls 0.84% as FCMB drops 6.5% despite Guinea Insurance's 10% jump
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%.