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.
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The NGX ASI closed up 1.358% at 1,815.89 on June 24, after a 0.84% decline on June 23, according to market data and analyst notes. MTN Nigeria drove 3 headlines in 3 days, committing to IFRS S1 and S2 compliance, vesting 129,129 shares worth NGN103.3 million to 6 employees, and appointing Bukola Ajayi as CIO, according to Tribune Online, TechNext.ng and CIO Africa. Seplat Energy also drew focus with Tony Elumelu's appointment as chairman, LEADERSHIP Newspapers reported. Analyst notes showed FTN Cocoa jumping 8.4% with cocoa at $4,986, while cement names fell 10%, underscoring a session shaped by sharp sector divergence.
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