UBA Joins ‘Big Caucus’ as Market Cap Crosses N1Trn
The United Bank for Africa (UBA) Plc has joined the big caucus on the Nigerian Exchange (NGX) as market capitalisation printed over N1 trillion mark. Positive sentiment has continued to drive the local exchange higher, reaching a new all-time high on Monday as the market experienced unusual volume trades.
Data from the Exchange showed that UBA’s stock market valuation settled at N1.022 trillion, tracking both Zenith and GTCO who have become category kings in the banking index. MarketForces Africa reported that Tier-1 banks’ combined market value surged above N5.4 trillion as of Friday’s close.
Some stockbrokers said they expect further re-rating to take place in the first quarter as the local bourse continues to ascend to the rooftop. At the moment, the Nigerian stock market has outpaced emerging market peers in terms of return and the momentum is far from slowing down.
UBA was the smallest in terms of market valuation before it outran FBNH. Strong bargain hunting started after the Pan African lender reported healthy earnings growth in the third quarter of 2023. Oil Spill: Supreme Court Upholds Shell Appeal
According to MarketForces Africa Research, UBA led among banks with strong earnings quality despite a large foreign exchange (FX) revaluation gain that boosted its bottom line. #UBA Joins ‘Big Caucus’ as Market Cap Crosses N1Trn
