NGX ASI falls 1.69% despite record profits at BUA Cement and Transcorp Power

The NGX ASI fell 1.6916% to 1,597.63 on April 28, even as several heavyweight companies posted strong first-quarter numbers. BUA Cement reported a 117% jump in Q1 2026 profit to 176.4 billion naira on revenue up 22.1% to 355 billion naira, according to Independent Newspaper Nigeria and THISDAYLIVE, while BUACEMENT rose to 335.0 naira despite a 0.50% index drop, according to an analyst report. Transcorp Power posted 30 billion naira in Q1 2026 profit and declared a total dividend of 41.25 billion naira, with output raised to 550 MW, according to MarketForces Africa and LEADERSHIP Newspapers. Nigerian Breweries reported a 25.6% rise in Q1 2026 profit to $41.3 million, according to Food Business Middle East & Africa, while FTN Cocoa surged 10% on April 28 despite the broader market decline, according to an analyst report.