UBA MD/CEO Oliver Alawuba, UBA headquarters
By Victory Oghene
The United Bank for Africa (UBA) has experienced a drop in share price of 7.88%, making it the best loser W-o-W during the week.
This is according to this week NGX-Banking Index.
The NGX-Banking declined by 2.94% week on week (W-o-W) to close at 819.20. Among the Tier 1 banks, GTCO and Ecobank have shown a strong performance year-to-date (YTD). Specifically, GTCO’s shares have risen by 8.64% (YTD), closing at N44, while ETI saw a rise of 5.26% YTD to N22.
Wema and FCMB, both Tier 2 banks, sustained positive gains in YTD performance. However, the remaining three banks saw a dip in their share prices over the same period. Sterling and Stanbic were particularly affected, with their share prices showing a notable decline of 37.89% and 23.19%, respectively.
This week, among Tier 1 banks, only Ecobank (ETI) saw a rise in its share price, in stark contrast to the performance of other banks.
