NGX ASI rises 1.71% as Nigerian Breweries returns to profit
The NGX ASI closed at 1,657.43, up 1.7084%, while the market also posted a weekly gain of 1.71%, according to the market bulletin. Nigerian Breweries returned to profitability and signaled a stronger outlook despite macroeconomic pressures, reports Marketing Edge, while Punch Newspapers says the company is strengthening operations against macro risks. MTN Nigeria secured global certifications in IT and governance, The Nation Newspaper reports. In stocks, NAHCO and TRANSEXPR jumped 10% over the week, while DANGSUGAR rose 6.2% in 5 days and Aradel gained 10% on 5.56 billion naira of turnover, according to analyst notes.
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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%.