UNITYBNK Records Biggest Weekly Gain in Ten Months

Culled—Proshare

22/11/2018/ Proshare Research 

The shares of Unity Bank Plc gained 30.99 percent after the close of trading in the week ended Friday, November 16, 2018, their biggest weekly gain in almost ten (10) months. 

UNITYBNK, which opened the week on Monday, November 12, 2018 at N0.71 per share, closed at N0.93 per share after the close of trading on Friday, November 16, 2018 to book its space as the highest price gainer for the week.

Proshare Nigeria Pvt. Ltd.

Source: NSE, Proshare Research

The recent weekly spike in the shares of Unity Bank Plc was their fastest pace since the week ended February 2, 2018, the fifth trading week of 2018, when UNITYBNK appreciated by 31.75 percent to close at N1.66 per share.

Table 1: Comparison of Unity Bank’s Share Price Spike

Week Opening Price (N) Closing Price (N) % Change
2-Feb-18 1.26 1.66 31.75%
16-Nov-18 0.71 0.93 30.99%

Source: NSE, Proshare Research

However, UNITYBNK, which resumed its downward trend on Wednesday, November 21, 2018 to reverse previous gains, emerged the biggest loser on the floor of the Nigerian Stock Exchange (NSE) by shedding 8.60 percent to close at N0.85 per share. 

In spite of UNITYBNK’s performance at the bourse last week, the NSE Banking Index declined by 0.83 percent to close at 413.86 points. This is the biggest drop across all sector indices after NSE Oil & Gas and NSE Industrial Goods indices that plunged 1.13 percent and 1.02 percent, respectively.

Performance of Other Banking Stocks

Out of the fifteen (15) other banking stocks that traded on the NSE for the week ended Friday, November 16, 2018, UBN, STANBIC and ETI rose by 4.12 percent, 1.91 percent and 1.29 percent, respectively. 

ACCESS, FBNH, FIDELITYBK, STERLNBANK and WEMABANK were all flat at the close of business on Friday, November 16, 2018.

Seven (7) stocks trading in the banking subsector including GUARANTY, ZENITHBANK, UBA, DIAMONDBNK, FCMB, JAIZBANK and NPFMCRFBK plunged during the week under review. 

GUARANTY shed 0.67 percent; ZENITHBANK lost 1.64 percent; UBA, 1.89 percent; DIAMONDBNK, 3.37 percent; FCMB, 5.52 percent; JAIZBANK, 6.25 percent; while NPFMCRFBK dropped 9.33 percent.

Table 2: Performance of Banking Stocks 

S/N Issuer Opening Price (N) Closing Price (N) % Change Current Price (N)
1 UBN 4.85 5.05 4.12% 5.05
2 STANBIC 47.1 48 1.91% 50
3 ETI 15.55 15.75 1.29% 15.50
4 ACCESS 7.7 7.7 0.00% 7.70
5 FBNH 7.45 7.45 0.00% 7.50
6 FIDELITYBK 1.99 1.99 0.00% 1.98
7 STERLNBANK 1.6 1.6 0.00% 1.62
8 WEMABANK 0.55 0.55 0.00% 0.59
9 GUARANTY 37.15 36.9 -0.67% 36.00
10 ZENITHBANK 24.4 24 -1.64% 24.00
11 UBA 7.95 7.8 -1.89% 7.80
12 DIAMONDBNK 0.89 0.86 -3.37% 0.89
13 FCMB 1.63 1.54 -5.52% 1.51
14 JAIZBANK 0.48 0.45 -6.25% 0.20
15 NPFMCRFBK 1.5 1.36 -9.33% 1.53

Source: NSE, Proshare Research

 

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