MTN Nigeria to sell up to 60% of MoMo PSB as NGX ASI stays flat
The NGX ASI closed at 1,597.34, down 0.0182% on April 29, with corporate news led by MTN Nigeria. MTN Nigeria will sell 60% of MoMo PSB and Y’ello Digital Financial Services to MTN Group in a deal valued between N95.5 billion and N152 billion, according to Business News Nigeria, Channels Television and Brand Communicator, after a N62 billion impairment charge. BUA Cement approved a N4.5 billion reward for distributors nationwide, Arise News reported, while analyst notes showed the stock up 19.9% over 5 days. Transcorp Power secured shareholder approval for a N4 final dividend at its AGM, according to Nairametrics.
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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.
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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%.