Stock Updates

One NGX ticker at a time.

Earnings recaps, dividend coverage, AGM takeaways, and corporate action breakdowns for specific Nigerian stocks.

AIRTELEAFRI

Stock Update · AIRTELEAFRI

AIRTELEAFRI: 52-week high and share buyback — what's driving the rally

Airtel Africa hit a 52-week high while executing a share buyback program. The ₦58.58 ex-dividend adjustment marks another chapter in the telecom sector's momentum.

mtwi wealth research · 29 June 2026

ARADEL

Stock Update · ARADEL

ARADEL: N835bn pre-tax profit, N23 dividend — tracking the Oil & Gas leader

Aradel Holdings delivered N835bn in pre-tax profit with 1,200% revenue growth over 5 years. At ₦1,417.50, the stock leads the Oil & Gas sector at +111% YTD.

mtwi wealth research · 29 June 2026

AVACAP

Stock Update · AVACAP

AVA Capital: 59.3 per cent in a week since its NGX listing

AVA Capital listed by introduction on July 31 at N7.50 and closed the week 59.3 per cent higher. The moves, the volume, and the small-cap risk.

mtwi wealth research · 10 August 2026

BUACEMENT

Stock Update · BUACEMENT

BUACEMENT: Correction hits after 95% YTD rally — what the June 24 selloff means

BUA Cement hit the 10% daily limit on June 24 as the Industrial Goods index crashed 8.31%. At ₦340.20, we examine whether this is a buying opportunity or the start of a deeper correction.

mtwi wealth research · 29 June 2026

CONOIL

Stock Update · CONOIL

CONOIL: Up 8.25% during a bear week — marketing margin expansion story

Conoil gained 8.25% while the broader market sold off, riding the Oil & Gas sector wave. At ₦210, the marketing margin expansion story is gaining traction.

mtwi wealth research · 29 June 2026

DANGCEM

Stock Update · DANGCEM

DANGCEM pays ₦753.8bn dividend — 50% year-on-year increase

Dangote Cement paid ₦45 per share on July 2, 2026, delivering a record ₦753.8 billion total payout and rewarding shareholders with a 50% increase over the prior-year dividend.

mtwi wealth research · 6 July 2026

Stock Update · DANGCEM

DANGCEM: Q1 2026 volume analysis & dividend expectations

Dangote Cement continues to dominate the industrial sector. We look at their recent volume growth and forecast the upcoming interim dividend payout.

mtwi wealth research · 15 June 2026

ETI

Stock Update · ETI

ETI: At ₦95.20 after the ₦2.18 ex-dividend markdown — cross-border banking play

Ecobank Transnational (ETI) trades at ₦95.20 after a ₦2.18 ex-dividend adjustment. The cross-border banking group offers a unique diversification story.

mtwi wealth research · 29 June 2026

FCMB

Stock Update · FCMB

FCMB: the 13.1 per cent weekly rally and the volume story

FCMB closed the first week of August up 13.1 per cent, among the NGX's best banking performers. The session data and what drove the demand.

mtwi wealth research · 10 August 2026

FIDELITYBANK

Stock Update · FIDELITYBANK

FIDELITYBANK: The most traded stock on NGX — what high volume signals

Fidelity Bank dominated the NGX volume charts across multiple sessions in June 2026. We analyze what the institutional trading activity means for the stock.

mtwi wealth research · 29 June 2026

FIRSTHOLDCO

Stock Update · FIRSTHOLDCO

FIRSTHOLDCO: to N145.40 and a fresh 52-week high

First HoldCo led the FUGAZ rebound, closing Friday at N145.40 after touching N150, above its 52-week high. What is driving the demand.

mtwi wealth research · 10 August 2026

Stock Update · FIRSTHOLDCO

FIRSTHOLDCO: Private placement, capital restructuring, and the FUGAZ recovery

First Holdco listed 1.021bn additional shares via private placement after a -20.29% weekly crash, then rebounded +10%. We analyze the capital restructuring story.

mtwi wealth research · 29 June 2026

GTCO

Stock Update · GTCO

GTCO: +10% in the FUGAZ rebound — post-recapitalisation momentum continues

GTCO hit the 10% daily limit on June 22 as the banking sector added N1.52tn. At ₦127.90, we track the post-recapitalisation story.

mtwi wealth research · 29 June 2026

Stock Update · GTCO

GTCO: Post-recapitalisation valuation check

With their massive public offer completed, is Guaranty Trust Holding Company still trading at a discount? We analyze the new share structure and ROAE.

mtwi wealth research · 15 June 2026

MTNN

Stock Update · MTNN

MTNN: 55.3% EBITDA margin, data revenue at ₦827bn — the 2026 growth story

MTN Nigeria's core operations are firing on all cylinders — data revenue hit ₦827.2bn in Q1 and EBITDA margins expanded to 55.3%. At ₦830, the recovery narrative is intact.

mtwi wealth research · 29 June 2026

Stock Update · MTNN

MTNN: Tracking the 2026 earnings recovery

After severe FX revaluation losses battered their balance sheet, MTN Nigeria is fighting to return to massive profitability. We analyze their latest numbers.

mtwi wealth research · 15 June 2026

NGXASI

Stock Update · NGXASI

NGX breadth check: 26 gainers, 63 losers, ASI at 245,573

The All-Share Index closed at 245,573.60 after a week in which losers outnumbered gainers almost three to one. What narrow breadth means.

mtwi wealth research · 10 August 2026

NGXINS

Stock Update · NGXINS

Insurance index selloff: CHI, SUNU and the retreat

The NGX insurance index fell 3.31 per cent in the first week of August, the worst sector show, as CHI and SUNU saw heavy profit-taking.

mtwi wealth research · 10 August 2026

OANDO

Stock Update · OANDO

OANDO: Evaluating the impact of recent upstream acquisitions

Oando Plc has transformed its balance sheet through aggressive asset acquisitions. We break down the production numbers and what it means for the share price.

mtwi wealth research · 15 June 2026

TRANSCORP

Stock Update · TRANSCORP

TRANSCORP: Power vs. Hospitality revenues

Transnational Corporation of Nigeria is heavily diversified. We break down their Power and Hospitality divisions to understand what is driving the share price.

mtwi wealth research · 15 June 2026

ZENITHBANK

Stock Update · ZENITHBANK

ZENITHBANK: Oversold after -11.65% weekly drop — what the rebound tells us

Zenith Bank dropped 11.65% in a week before bouncing 7.09%. At ₦114.95, it trades at the lowest valuation among tier-1 banks with a strong dividend history.

mtwi wealth research · 29 June 2026