UBA Shares Attract N3.01bn As Investors Position For Dividends

Cherry-picking investors seeking for mouthwatering returns in dividend payout poured a whopping N3.01 billion into the shares of UBA on Wednesday, making the stock the most trading both in volume and value on a bearish day that saw significant drop in turnover volume and a loss of N187.56 billion in market capitalisation.

Although total trade volume declined by 77.4 per cent to 419.88 million units, valued at N8.27 billion, and exchanged in 11,823 deals, UBA accounted for 108.02 million trade volume valued N3.01 billion. However, the huge volume of trades in UBA failed to lift the stock price as the brokers marked it down despite strong half year financial result announced by the pan African lender on Monday.

UBA surprised the capital market on Monday with a record-breaking N2 per 50kobo share interim dividend for its shareholders, the highest interim dividend payout announced among Nigerian banks in the first half of 2024. The stock climbed by 9.99 per cent to close at N28.30 per share on Monday positioning it at the top of the gainers’ chart on the Nigerian Exchange (NGX) but despite the stellar dividend payout underpinned by the halfyear financial results, the share price dropped on Wednesday by-4.6 per cent.