Seplat, WAPCO Lead NGX Gains as Index Rises 0.51% Intraday
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The Nigerian Exchange (NGX) All-Share Index recorded a 0.51% rise during mid-day trading on Tuesday, buoyed by strong investor interest in Seplat Energy and Lafarge Africa (WAPCO) stocks.
The rally in Lafarge Africa shares follows market anticipation of a mandatory takeover offer from China’s Xuaxin Cement. The move comes after Xuaxin’s $1 billion acquisition of Holcim’s stake in Lafarge, which signaled plans to take the company private. This announcement spurred demand for Lafarge Africa’s stock, propelling its price to an all-time high.
Seplat Energy also contributed significantly to the market uptrend as renewed activity in the global commodity market increased demand for its shares. According to stockbrokers, the surge in Seplat’s price by 7.55% highlights strong investor confidence in the company’s potential amidst volatility in oil markets.
Commenting on the performance, investment analysts at Alpha Morgan Capital Limited noted, “The uptick in the NGX Index is driven by gains in mid- to high-cap stocks, reflecting positive sentiment among investors.”
Other Gainers
Other contributors to the market’s positive momentum included:
- WAPCO, with a 7.2% increase, following Lafarge Africa’s rally.
- United Capital (UCAP), which surged by 1.72%.
- Fidelity Bank (FIDELITYBK), up by 1.27%.
Additionally, gains were recorded in:
- TRANSCORP (+0.69%)
- UBA (+0.30%)
- ARADEL Holdings (+0.23%)
- Access Holdings (ACCESSCORP) (+0.21%)
- Dangote Sugar (DANGSUGAR) (+0.14%)
Outlook
The NGX Index’s positive performance signals growing investor optimism, bolstered by strategic corporate actions like Lafarge Africa’s expected privatization and robust oil market activity benefiting Seplat Energy.
Market analysts expect continued interest in high-performing stocks, as investors reposition their portfolios in anticipation of further opportunities. Zenith Bank Named Nigeria’s Best at Banker Awards 2024
