Economy
Qfac Pick of the Week: United Bank for Africa (UBA) Plc
By Quantitative Financial Analytics Ltd
Though UBA Plc price fell from N11.24 to N11 during the last trading day, this week’s Qfac pick is United Bank for Africa, (UBA) Plc and our analysis is pointing to a buy signal.
United Bank for Africa Plc is a financial institution in Nigeria engaged in corporate, commercial and retail banking as well as trade services, cash management, treasury and custodial services with branches African countries. Our buy signal derives from the following:
Moving Average Analysis: The latest price of N11.00 beats its 5-Day, 5 5-Day, 50-Day, and 100-Day moving average prices. Most technical analysts use the moving average rule that recommends a buy when a market close crosses above x day moving average, while a sell is signalled when a market close crosses below x day moving average (where x could be any number of days)

Commodity Channel Index: Though most chartists use the CCI as an overbought/oversold oscillator, it could be used to signal buys or sells. CCI compares current price with average price over a period of time CCI readings of above 100 indicate a buy while those below -100 indicate a sell. Our CCI index for UBA based on a 14- week period is 200.45

Relative Strength Index (RSI): According to Welles Wilder, who introduced RSI in 1978, market tops are often completed when the RSI rises above 70 while bottoms are formed during periods when the RSI falls below 30. Most analysts prepare to buy as prices dip below 30 using a rise back to 30 as a buy signal and prepare to sell when the RSI moves above 70. This is premised on the notion that RSI of 70 and above indicate that a stock is becoming overbought or overvalued and could be getting ready for a reversal while an RSI value of 30 and below indicate an oversell or an upcoming reversal. Our chart shows that UBA has an RSI of 66.143 which is below the overbought mark, we call it a buy especially for the day traders but could be a hold for longer tern traders.

Moving Average Convergence Divergence (MACD): The MACD uses two lines to signal a buy or a sell, the faster line (MACD) and the slower line (signal). The actual buy or sell signals are given when the two lines cross, such that a crossing by the faster MACD line above the slower signal line indicates a buy while a crossing of the MACD line below the signal line indicates a sell. For UBA, the MACD line just crossed the signal line indicating a buy

Stochastic Oscillator: The Stochastic indicator also uses two lines to signal buys or sells, the %K and %D lines. Buy signals are indicated when the fast %K line rises above 30 accompanied by a cross above the fast %D line while sell signals are indicated when the fast %K stochastic line falls below 80 and accompanied by a cross below the fast %D stochastic line.

As indicated above, the fast %K rose above 30 and crossed above the fast %D on December 27 indicating a buy.
Summary: Based on the above technical charts, we believe that the technical analysis is pointing to a buy signal for UBA.
For complete list of picks or for analysis of any stock of interest, contact [email protected]
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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