Dangote Refinery Launches Africa's Largest IPO Amid Market Gains
The Nigerian financial market experienced notable advancements, with the NGX All-Share Index gaining 2.78%, reaching 249,804.56 points, and a market capitalization of approximately ₦162.16 trillion. The index's year-to-date gain stands at 60.53%.
The Oil & Gas Index increased by 3.71%, totaling over 125% for the year. A landmark IPO from Dangote Refinery opened, offering 4.1 billion shares at ₦525 each, targeting around ₦2.15 trillion, marking it as Africa’s largest-ever share sale.
Proceeds from the IPO are intended to expand the refinery's capacity from 650,000 barrels per day to 1.4 million barrels per day. Additionally, demand for Nigerian government securities remained robust, with ₦3.03 trillion in subscriptions at the CBN’s latest OMO auction against ₦1 trillion offered.
In the U.S., the Federal Reserve raised its benchmark interest rate by 25 basis points to a target range of 3.75%-4%, the first increase since 2023, affecting global borrowing costs.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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