NGX ASI rises 2.09% as Stanbic IBTC hits 52-week high
The NGX ASI closed up 2.0934% at 1,612.33 on April 14, with insurers gaining traction as Guinea Insurance activated its rights issue, according to the Market Bulletin and analyst notes. Stanbic IBTC hit a 52-week high on April 13 after a sharp intraday rally, MarketForces Africa reports. CIG Motors and Stanbic IBTC launched a vehicle payment scheme, according to Punch Newspapers. Lafarge Africa is seeking shareholder approval to rebrand as HBM Nigeria Plc, according to Businessday NG.
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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%.