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Nigerian Exchange Limited

Investors Jump on Union Bank of Nigeria’s Shares Amid Acquisition Rumour

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Shares of Union Bank of Nigeria Plc, a leading financial institution in Nigeria, rose by 50 kobo or 9.26 percent on Monday following reports that Atlas Mara Limited, a 49.7 percent owner in the bank has been talking to investors to sell its stake.

Investors King had reported that Bloomberg sources claimed Atlas Mara Limited, a London Stock Exchange-listed pan-African banking group started by Mr. Bob Diamond is in talks with Zenith Bank, Access Bank and other investors across Africa to sell its holding in the bank.

Since the report became public investors have been acquiring shares of Union Bank in case Zenith Bank or Access Bank, one of the leading banks in the country, acquire it. Even the bank’s CEO, Godson Chukwuemeka Okonkwo, purchased an additional 2,431,917 ordinary shares of the bank on Thursday, according to the bank’s latest disclosure filing.

Union Bank of Nigeria was the third-highest gainer on Monday.

The Nigerian Exchange Limited gained N59.4 billion on Monday to close at N20.491 trillion on Monday.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Nigerian Exchange Limited

Nigerian Exchange Extends Bullish Run as Investors Gain N2.123 Trillion Last Week

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The Nigerian Exchange Limited (NGX) extended its bullish run last week as investors gained N2.123 trillion following a N3.258 trillion profit reported in the previous week.

During the week, investors exchanged 1.773 billion shares worth N52.867 billion in 44,713 deals, against a total of 2.157 billion shares valued at N108.824 billion that exchanged hands in 51,556 deals in the previous week.

The Financial Services Industry led the activity chart with 1.136 billion shares valued at N23.185 billion traded in 19,896 deals. Therefore, contributing 64.04% and 43.86% to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 339.390 million shares worth N5.874 billion in 3,650 deals.

The third place was the Consumer Goods Industry, with a turnover of 82.645 million shares worth
N6.724 billion in 6,155 deals.

Transnational Corporation Plc, Guaranty Trust Holding Company Plc and Access Holdings Plc were the three most traded equities and accounted for a combined 677.439 million shares worth N17.287 billion in 7,789 deals. The three equities contributed 38.21% and 32.70% to the total equity turnover volume and value respectively.

The NGX All-Share Index appreciated by 3.71% or 3,754.40 index points from 101,330.85 index points reported in the previous week to 105,085.25 index points last week.

The market capitalization rose by 3.71% to close the week at N59.416 trillion, up from N57.293 trillion filed in the previous week.

Similarly, all other indices finished higher with the exception of NGX Oil and Gas and NGX Sovereign Bond which depreciated by 0.11% and 3.12% respectively.

Fifty-five equities appreciated in price during the week higher than twenty-two equities in the previous week. Twenty-four equities depreciated in price lower than fifty-six in the previous week, while seventy-five equities remained unchanged, lower than seventy-six recorded in the previous week.

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Nigerian Exchange Limited

UBA, MTN Nigeria Propel Nigerian Stock Market to N273 Billion Gain

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stock - Investors King

The Nigerian stock market closed in the green on Wednesday with a N273 billion gain in market capitalization.

This surge was largely attributed to the impressive performance of key players like United Bank for Africa (UBA) and MTN Nigeria Communication Plc, along with 30 other listed companies.

The stock market rally saw UBA recording a 2.37% gain to close at N25.90 per share while MTN Nigeria Communication Plc gained 2.26% to close at N249.00 per share.

These gains contributed significantly to the overall positive sentiment in the market.

As a result of these advancements, the NGX All-Share Index (ASI) rose by 482.87 basis points or 0.47% to close at 104,007.31 basis points from the previous day’s opening of 103,524.44 basis points.

The market capitalization also experienced a commendable surge, increasing from N58.534 trillion to N58.807 trillion by the close of trading.

Investor sentiment remained overwhelmingly positive with 32 stocks recording gains compared to 23 losers.

ETI and Julius Berger emerged as the highest price gainers, each surging by 10% to close at N22.00 and N67.10, respectively.

Other gainers included NEM Insurance, RT Briscoe, and Omatek Ventures, among others.

Despite the overall positive trend, some stocks experienced declines, with Skyway Aviation Handling Company leading the losers’ chart.

However, the market’s resilience and the substantial gains recorded underscored the growing confidence among investors and the resilience of the Nigerian stock market amid economic challenges.

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Nigerian Exchange Limited

All-Share Index Climbs 1.45% as Nigerian Exchange Records Seventh Straight Day of Gains

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Nigerian Exchange Limited - Investors King

The Nigerian Exchange (NGX) continues its ascent as it extends its winning streak for the seventh consecutive trading day to close at 103,524.44 index points.

This surge marks another milestone for the market, pushing the market capitalization to a new high of N58.53 trillion.

Market movers such as Transcorp, Access Holdings, and Guaranty Trust Holding Company Plc led the charge.

The positive momentum echoes similar patterns observed in previous trading sessions, underlining the sustained optimism prevailing in the market.

The buoyant atmosphere on the NGX comes amidst anticipation of the February Consumer Price Index (CPI) release scheduled for this week.

Analysts speculate that the CPI data could influence the upcoming decisions of the Central Bank of Nigeria’s Monetary Policy Committee (MPC), further driving investor sentiment.

Top gainers during the trading session include United Bank for Africa (UBA), which surged by 10% to close at N25.30, MTN Nigeria advanced by 9.98% to N243.50, and Julius Berger added 9.71% to close trading at N61.

On the other hand, Tantalizer dipped by 7.89%, NASCON Allied Industries declined by 6.77%, and Morison Industries Plc lost 6.62%.

Investors showcased robust participation, trading 565.79 million units of shares valued at N14.23 billion in 11,519 deals.

This heightened activity underscores the growing confidence among market participants and highlights the attractiveness of Nigerian equities as an investment avenue amidst prevailing market conditions.

As the NGX sustains its upward trajectory, stakeholders remain optimistic about the market’s resilience and potential for further growth, positioning Nigeria’s capital market as a key player in driving economic recovery and prosperity.

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