UBA Jumps by 10% to N1.625 Trillion on Sharp Rally
UBA Plc.’s market value jumped by 10% to N1.625 trillion in the Nigerian equities market, driven by a significant bargain hunting.
The Pan African lender’s share price climbed to N39.6 in the stock market, up by 10% from N36 at the close of the trading session yesterday.
Explaining what moved the banking stock higher, stockbrokers said some investors increased their bets on UBA following a meeting with all its African markets chief executive at its Lagos headquarters.
Data from the Nigerian Exchange showed that 64.505 million shares of UBA valued at N2.520 billion were transacted in the local bourse, driven by buy-side actors seeking to take positions ahead of earnings season.
UBA is seeking to deepen its footprint across the African retail market, according to its half-year business review updates obtained by MarketForces Africa.
Investors have been picking banking stocks ahead of the second quarter earnings season. Analysts anticipate the Pan African lender will maintain earnings growth, with the possibility of an interim dividend.
The elevated interest rate environment remains a central driver of banks’ performance in 2025, though the upside from this trend appears to be moderating.
While some analysts are anticipating interest rate to reduce, UBA’s footprint in key African markets is expected to neutralise negative impacts of lower rates on earnings.#UBA Jumps by 10% to N1.625 Trillion on Sharp Rally#
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