Nigeria’s United Bank crosses N1trn in market capitalization
TLDR
- UBA's share price reaches N29.90, boosting market capitalization to N1.02 trillion.
- UBA's stock has appreciated by 16.6% in 2024 and market capitalization has increased by N142.8 billion.
- UBA was the best-performing bank stock on the NGX in 2023, with a gain of 237.5%.
As of the close of trading on January 8, 2024, the share price of United Bank for Africa (UBA) reached N29.90, propelling the bank's market capitalization to N1.02 trillion (just over $1 billion). This milestone designates the bank as the latest member of the SWOOT category.
UBA's stock has shown a bullish trend since the commencement of 2024, with a notable 16.6% appreciation in its share price from N25.65 at the close of trading in 2023. Over the same period, its market capitalization has also experienced a significant increase of N142.8 billion.
The bank's robust market performance in 2024 is reminiscent of its achievements in 2023 when it emerged as the best-performing bank stock on the NGX, recording an impressive gain of 237.5% throughout the year. This consistent positive trend underscores UBA's sustained success and resilience in the market.
Key Takeaways
In the NGX, companies with a market capitalization surpassing N1 trillion are classified as SWOOTs (Stocks Worth Over One Trillion) per Nairametrics. The current members of this category include MTN Nigeria, Airtel Africa, Dangote Cement, BUA Foods, BUA Cement, GTCO Holdings, Zenith Bank, and Seplat Energy. In early December, FBNH, the parent group of First Bank Limited, briefly joined the SWOOT category by crossing the N1 trillion mark; however, it fell below this threshold the following day. Stanbic IBTC also achieved a market capitalization exceeding N1 trillion in 2023. Geregu Power Plc is another stock on the verge of hitting the N1 trillion mark, maintaining a market capitalization of N998 billion since November 20, 2023. The dynamics of these valuations reflect the dynamic nature of the stock market and the evolving positions of companies in the NGX.
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