UBA SHARES DECLINES BY 7.88% W-o-W AS CUSTOMERS RAISE FEARS, CONCERNS
UBA MD/CEO Oliver Alawuba, UBA headquarters
The United Bank for Africa (UBA) has experienced a drastic 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.
Meanwhile, customers and members of the banking industry have started to raise fears and concerns over the recent development besetting UBA which was once the darling bank of customers.
Some customers that spoke to NEW SENTINEL yesterday on condition of anonymity were very apprehensive and worried about the development even as they thumped up for GTCO, Ecobank and other banks that have shown a strong performance year-to-date{YTD}.
Source- NGX-Banking Index with additional reports from National Waves
