UBA Leads Activity Chart as Equities Market Extends Bullish Trading


Goddy Egene

The bull run at the stock market was sustained yesterday lifting the Nigerian Stock Exchange (NSE) All-Share Index (ASI) further by 0.90 per cent to close at 27,586.93. Similarly, market capitalisation added N117 billion to close higher at N13.4 trillion. The sustained positive performance followed investors’ interest in Dangote Cement Plc and banking stocks, especially, Zenith Bank Plc, UBA Plc and Access Bank Plc. Consequently, the year –to-date gains have hit 2.7 per cent.

The bulls lifted 26 stocks, while the bears depressed 20 stocks. Fidson Healthcare Plc and PZ Cussons Nigeria Plc closed the highest price gainer with 9.8 per cent, apiece trailed by Unity Bank Plc with 9.5 per cent. Consolidated Hallmark Insurance Plc garnered 9.0 per cent while Cornerstone Insurance Plc and UACN Property Development Company Plc 8.6 per cent and 8.0 per cent respectively.

Cutix Plc and Wema Bank Plc went up by 7.5 per cent and 5.4 per cent in that order, just as Zenith Bank Plc and United Bank for Africa Plc garnered 5.0 per cent and 4.9 per cent respectively.

On the contrary, NCR Nigeria Plc led the price losers with 10 per cent, trailed by Livestock Feeds Plc with 8.0 per cent. Courtville Business Solutions Plc and Forte Oil Plc shed 7.6 per cent and 6.1 per cent, while Jaiz Bank Plc lost 4.4 per cent.

Following the gains by the banking stocks, the NSE Banking Index recorded the highest appreciation of 1.85 per cent. The NSE Industrial Goods Index rose by 1.7 per cent. Similarly, the NSE Insurance Index rose by 1.2 per cent, just as the NSE Consumer Goods Index gained 0.47 per cent. Conversely, the NSE Oil & Gas Index shed 0.42 per cent.

Meanwhile, activity level was mixed as volume traded fell by 14.2 per cent to 446.4 million shares while value traded increased by 8.8 per cent to N5.8 billion. UBA led the activity chart in terms of volume, recording 86.8 million shares value at N709 million.

UBA on Monday announced top executive management appointments, which saw Oliver Alawuba become CEO of UBA Africa, overseeing the bank’s 20 African country operations, ex-Nigeria among others.

The Group Chairman, UBA, Tony Elumelu said: “These appointments emphasise the group’s commitment to our pan-African and global network, our huge retail client base and our operational infrastructure. We are focused on improving our efficiency and further strengthening our pan-African mission, using the extraordinary pool of talent and experience available in the Group.”