Equities Market Index Rises Intraday as SEPLAT, WAPCO Rally
The Nigerian Exchange (NGX) all-share index spiked by 51 basis points during early trading hours in the equities segment due to demand for Seplat Energy and Lafarge Africa stocks.
The two companies’ stock price has climbed strongly as investors ramped up their shares. Lafarge Africa shares become attractive as the market expects a mandatory takeover offer from Xuaxin Cement following a $1 billion acquisition deal with Holcim.
The Chinese cement company revealed a plan to make an offer to minority shareholders in order to take Lafarge Africa private. The notice has caused the share price to hit an all-time high. The renewed rally in the global commodity market triggered demand for Seplat Energy stock.
Most of the oil stock in the market closed positive last month amidst market volatility.
At mid-day trading, the NGX All Share Index trended positive, experiencing a growth of 0.51%, Alpha Morgan Capital Limited told investors in an emailed note.
Stockbrokers said the upward movement is a result of appreciation in some mid- to high-capitalized stocks. Leading the early gainers, SEPLAT has surged by 7.55%, trailed by 7.2% gained by WAPCO
Investment banking firm United Capital with Ticker: UCAP has surged by 1.72%. Also, the market has repriced Fidelity Bank Plc (Ticker: FIDELITYBK) by 1.27%.
Supporting today’s market uptrend, TRANSCORP price has increased by 0.69%, UBA is up by 0.30%, and ARADEL popped higher by 0.23%. ACCESSCORP has inched higher by 0.21% during the midday trading while DANGSUGAR rose by 0.14%, among others. Namibia Central Bank Cuts Interest Rate to 7%
