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African Markets: Access Bank's Bid vs Bidvest Collapses; Nigerian Stocks Hit Record Highs
Abstract：A divergence in African markets sees the breakdown of a major cross-border banking acquisition between Nigeria and South Africa, while Nigerian equities surge to record valuations driven by industrial heavyweights.
Major African financial hubs show diverging trends as Nigerian equities reach record peaks while a major South African banking acquisition falls through, impacting regional M&A sentiment.
Access Bank and Bidvest Deal Implodes
In a significant blow to regional banking consolidation, Access Banks proposed acquisition of Bidvest Bank has been terminated. The Nigerian lender failed to meet critical contractual and regulatory conditions, halting capital entry into the South African financial sector.
Nigerian Equities Smash Ceilings
The Nigerian stock market demonstrated aggressive bullish momentum, led by heavyweights in the industrial sector.
- All-Share Index surged 1.29%
- Market cap closed at N111.6 trillion after shattering the 173,000-point threshold
- Dangote Cement price action jumped over 8%
- Liquidity projections for ZAR and NGN banking channels remain under observation.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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