United Bank for Africa PLC Saw A Notable 3.94% Increase In Its Stock Price
On 25th September 2024, the Nigerian Exchange Limited (NGX) saw varied trading outcomes across different sectors. Investors and traders experienced a day marked by fluctuations as several major companies posted gains and losses.
In the financial services sector, United Bank for Africa PLC saw a notable 3.94% increase in its stock price, closing at ₦26.40 with a market capitalisation of ₦902.86 billion. UBA traded over 41 million shares in 668 transactions, reflecting strong interest from investors. Meanwhile, Zenith Bank PLC experienced a marginal gain of 0.27%, trading at ₦37.70, with 21 million shares exchanged.
On the other hand, Access Holdings PLC gained 0.78%, trading at ₦19.50, while FBN Holdings PLC took a significant hit, dropping by 6.45% to ₦29.00, despite a volume of 108 million shares traded across 292 transactions. FBN Holdings’ sharp decline raised concerns amongst investors, as the bank struggled to maintain its previous levels of market performance.
In the telecommunications sector, MTN Nigeria Communications PLC remained steady, trading at ₦199.80, although only 348,581 shares were traded, reflecting a calm day for the telecom giant. The sector as a whole recorded 229 trades.
The industrial goods sector saw Dangote Cement PLC retain its strength, trading at ₦532.00, while Lafarge Africa PLC posted a 0.55% rise to close at ₦36.55, bolstering investor confidence in building materials stocks. Lafarge saw a volume of over 2.8 million shares traded.
The oil and gas sector experienced a significant surge as Seplat Energy PLC’s stock skyrocketed by 10%, closing at ₦4,103.10 per share. With only 15 trades, the company’s sharp rise indicated strong investor sentiment around its potential. Seplat’s performance was a standout in a day that saw the overall market struggle for momentum.
Agriculture stocks also saw positive movements. Ellah Lakes PLC surged by 9.97% to ₦4.08 per share, with 16.7 million shares traded. FTN Cocoa Processors PLC followed with a 9.40% gain, trading at ₦1.63.
Overall, the premium board recorded a total of 2,325 trades with a volume of 192.4 million shares, while the main board totalled 7,279 trades with 407.9 million shares exchanged.
As the market remains volatile, experts are advising cautious optimism. The Nigerian stock market continues to attract interest across key sectors, though the fluctuation in prices signals the need for careful trading strategies.
Market participants will be keeping a close watch on developments in the coming days as companies release their quarterly results and investors react to broader economic conditions.
