At Last, UBA Reaches N1trn Market Cap on Stock Exchange

By Dipo Olowookere

One of the biggest lenders in Nigeria, United Bank for Africa (UBA) Plc, has crossed the N1 trillion market capitalisation mark on the Nigerian Exchange (NGX) Limited.

The financial institution, which has footprints in Africa, the United States of America and Europe, achieved this feat on Monday after its share price rose by 3.28 per cent or 95 Kobo to N29.00 per unit.

The market capitalisation of a stock, which measures its total value, is calculated by multiplying its share price by its total shares outstanding in the stock market.

UBA closed at N29.90 today and with shares outstanding of 34,199,421,368 units, its market capitalisation finished at N1,022,562,698,903.20 (N1.023 trillion) when the closing bell sounded on Monday, January 8, 2024.

The company has joined the club of N1 trillion at the NGX. The group includes Dangote Cement, MTN Nigeria, GTCO, Zenith Bank, Seplat Energy, BUA Cement, and Airtel Africa.

Business Post reports that today, UBA transacted a total of 28,247,885 units of its stocks at the bourse valued at N829.5 million.

The bank has celebrity billionaire businessman, Mr Tony Elumelu, as its chairman.