UBA Hits 52-Week High on Rising Investors Confidence
United Bank for Africa (UBA) Plc.’s market value reached a fresh 52-week high as investor confidence rose on the Pan-African lender’s earnings outlook and track record of interim dividend payment.
The banking group’s market value was lifted after the share price surged by about 20% week on week following improved trading activities as investors anticipate better earnings performance for Q2.
According to data from the Nigerian Exchange, UBA jumped to N43.55 on Friday, driven by activities of buy-side actors taking positions in anticipation of the group’s interim dividend.
The bank’s current market value has surpassed a number of equities analysts target prices, including Anchoria Securities Limited, which placed UBA on a 12-month target price of N43.50.
Data from the Nigerian Bourse showed the UBA market value rose to N1.787 trillion, spread over its 41.039 billion shares outstanding—its highest in 12 months. Analysts said UBA Group’s first-quarter earnings performance has provided a great start to the year, which other results will be built upon.
They also noted that pan-African markets advantage of UBA will neutralise the effect of reduced yields in the debt markets. Earnings are expected to be driven by core banking income growth. #UBA Hits 52-Week High on Rising Investors Confidence AXA Mansard Climbs by 28% on Bargain Hunting, Pays Dividend
