UBA Plc on Friday trended positively in the equities market with share price uptick of 2.7% during early trading hours in Nigerian stock market. The Pan African lender share price rose to N38 on Friday as the local bourse continue to recover from three days losing streaks.
The midday rally on UBA was spurred by strong trading volume, according to data from the Nigerian Exchange. At noon, more than 17.33 million ordinary shares of UBA valued at N645 million have exchanged hands in the local bourse.
Stronger trading volume which moves share price positive suggest investors’ confidence in the pan African banking group remains intact ahead of capital raise announcement.
The group has not closed its new capital base requirement like its major rivals in the banking sector. Stockbrokers anticipate the release of 2024 meanings, and dividend to set fresh direction for its stock price movement.
Source: Marketforces Africa
