UBA to Pay N0.17 Interim Dividend to Shareholders in Q2 2020
United Bank for Africa has declared an interim dividend of N0.17 for every ordinary share of 50 kobo each.
This is coming a day after the bank posted a profit after tax of N44.43 billion in the second quarter. While the bank’s profit had declined from N56.74 billion posted in the second quarter of 2019 to N44.43 billion in Q2 2020, it remained strong given the COVID-19 lockdown and disruptions due to the virus.
In a statement signed by Bili A. Odum, Group Company Secretary, UBA and released through the Nigerian Stock Exchange (NSE), the lender said the dividend will be paid to shareholders whose names appear in the register of members as at the close of business on Tuesday, September 15, 2020.
It, therefore, stated that the bank’s register will be closed on Wednesday September 16, 2020 to allow the registrars enough time to make payment of interim dividends.
The statement reads, “On Wednesday, September 23, 2020, the interim dividend will be paid electronically to shareholders whose names appear on the Register of Members as at close of business on Tuesday, September 15, 2020 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.”
“Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Form, which is available at http://www.africaprudential.com, complete and submit to the Registrar at the address below, any UBA Branch or their respective banks. Shareholders are also advised to update their records with the Registrar as may be required. The Shareholder Data Form is also available on the Registrar’s website. Duly completed forms should be returned to the Registrar or any Branch. Alternatively, scanned completed forms can be sent to firstname.lastname@example.org or email@example.com.”
On unclaimed dividend warrants and share certificates, the bank said “Shareholders with dividend warrants and share certificates that have remained unclaimed or are yet to be presented for payment or returned for validation ae advised to complete the edividend registration or contact the Registrar.”
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Market Sheds N132 Billion as Union Bank Bows Out from NGX Official List
The official delisting of Union Bank of Nigeria from the Nigerian Exchange Limited (NGX) on Monday triggered a notable N132 billion loss from the market capitalization.
NGX Regulations Limited, the regulatory arm of the Nigerian Exchange Group, confirmed the delisting in a notice to trading license holders.
Union Bank’s shares were suspended on November 14, leading to the delisting, which resulted in a market cap loss.
On its last day on the NGX Daily Official List, Union Bank had a market cap of N193.65 billion, with shares closing at N6.65 per unit.
Titan Trust Bank Limited, Union Bank’s core investor, had earlier announced plans to acquire minority shareholders’ shares, leading to the delisting.
Despite the delisting impact, the All-Share Index closed positively at the end of Monday’s trading, rising by 0.17% or 123.33 points to 71,353.81.
However, the market cap closed at N39.040 trillion, N132 billion lower than the N39.172 trillion recorded on the previous Friday.
Key performers in the market included AccessCorp, United Bank for Africa, Zenith Bank Plc, and Universal Insurance Plc.
Positive investor sentiments resulted in 32 gainers and 20 losers. Notable gainers included First Bank of Nigeria Holding, John Holt, and Tantalizer, each gaining 10%.
ETranZact led the losers’ chart with a 9.09% dip, and Unity Bank, amidst reported business combination talks with Providus Bank, landed on the losers chart with a 9.24% loss.
The volume of transactions on the NGX slightly increased to 746.67 million units from 582.77 million units traded on Friday.
Banking stocks, including AccessCorp, UBA, and Zenith Bank, were the major drivers of the day’s trend, accounting for volume and value in the market.
Asian Shares Slip Ahead of Key Inflation Data and OPEC+ Meeting
Asian shares experienced a dip on Monday as investors awaited crucial inflation data from the United States and Europe later in the week.
The gold rose to a six-month high of $2,017.82 per ounce before moderating to $2,009 while Japan’s Nikkei eased by 0.3%, although it still maintained an 8.6% gain for November.
MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.3%, boasting a monthly gain of 6.4%.
Meanwhile, Chinese blue chips lost 1.1%, representing a 2% downturn for the month.
Investors approach the month-end cautiously due to substantial gains recorded with markets like the S&P 500 that have been rallying for four consecutive weeks to post a 8.7% gain for November—its best performance since mid-2022.
Central banks, including the Federal Reserve, are closely watched for signals on future monetary policy.
The Fed’s preferred inflation measure, due Thursday, is expected to show a slowdown, reinforcing expectations of potential rate cuts.
The oil market faces uncertainty ahead of the OPEC+ meeting on Nov. 30, with discussions on production caps and potential extensions of voluntary cuts.
While European Central Bank President Christine Lagarde signals no rush to ease, the euro hovers near its recent four-month high against the dollar, which weakened against several major counterparts.
Oil prices experienced a brief dip in anticipation of OPEC+ decisions.
The week ahead is pivotal for financial markets, balancing inflation indicators, central bank messages, and crucial oil market decisions.
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