NGX ASI rises 1.39% as Stanbic IBTC hits a 52-week high
The NGX ASI closed up 1.3893% at 1,579.27 on April 13, while NGXGROUP jumped 10% as $101 oil boosted sentiment, according to analyst reports. Stanbic IBTC hit a 52-week high after a sharp intraday rally, MarketForces Africa reported, extending a run that also included a vehicle payment scheme launched with CIG Motors, according to Punch Newspapers. MTN Nigeria overtook Zenith Bank as the country's most profitable listed company, The Africa Report said, after announcing on April 6 the exit of 1 non-executive director, according to Proshare, while Techpoint Africa reported a bonus for its chief executive. Seplat Energy resumed operations after workers halted a strike and reached an interim wage agreement, MyJoyOnline and Investors King reported, while Nigerian Breweries said there were 0 casualties after a fire incident in Aba, according to Vanguard News.
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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%.