…UBA extends rights issue by 2 weeks
Nigeria’s equities market kicked-off the new week on a positive note, rising by 0.30 percent at the close of trading on Monday.
The market’s positive close was driven majorly by investors who bought shares of University Press, PZ Cussons, Ellah Lakes, Legend Internet, and NCR which made the league of top-5 advancers.
“This week, we will likely maintain our current portfolio positioning across the board while looking out for the highly anticipated H1’25 audited results and possible interim dividend announcements from the banking tickers.
Read also: NGX lifts trading suspension on Universal Insurance shares
“Accordingly, portfolio adjustments will be made as necessary to keep positioning optimal, with any mid-week changes communicated through the Daily Market Summary,” CardinalStone research analysts said in their Model Equity Portfolio.
The Nigerian Exchange Limited (NGX) All Share Index (ASI) and equities market capitalisation rose on Monday to 139,394.75 points and N88.199 trillion.
University Press share price rallied by 10 percent, from N5 to N5.50, adding 50 kobo. PZ Cussons also rose by 10 percent, from N32 to N35.20, adding N3.20. Ellah Lakes rallied by 9.94 percent from N12.98 to N14.27, adding N1.29. Legend Internet share price rose by 9.90 percent on Monday, from N4.95 to N5.44, adding 49kobo or 9.90percent. NCR share price increased from N12.70 to N13.95, up by N1.25 or 9.84 percent.
Stocks like FCMB Group, Universal Insurance, Royal Exchange, Zenith Bank, and First Holdco were actively traded as investors in 36,036 deals exchanged 947,871,402 shares worth N17.971billion.
United Bank for Africa Plc notified its shareholders, the Nigerian Exchange Limited, stakeholders, and the general public that the acceptance/application period for its ongoing Rights Issue, initially scheduled to close on Friday, September 5 has been extended by two weeks and will now close on Friday, September 19. This follows the receipt of approval from the Securities and Exchange Commission, the bank noted in a September 4 notice, adding that, “This extension is aimed at providing shareholders with additional time to fully exercise their rights and participate in the Rights Issue”.
