Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

On Monday, January 8, 2024, the United Bank for Africa, UBA, hit the N1 trillion mark in market capitalization.

UBA joins top league

The bank's market value increased due to a rise in its share price, which climbed to N29.90 on Monday, January 8, 2024, from its previous closing price of N28.95 on Friday, January 5, 2023.

The latest performance of UBA has helped the bank join the list of Nigerian companies with a market value exceeding N1 trillion.

Companies with over N1 trillion market capitalization in the NGX are categorized as SWOOTs (Stocks Worth Over One Trillion), Legit.ng reported.

The bank joins the club of Nigerian banks with N1 trillion in market capitalization.

The development follows the stellar performance of the Nigerian Exchange (NGX), where banking stocks have emerged as the preferred equities for investors.

Nigerian Stock Market Shine

An aide to President Bola Tinubu, Dolu Segun, announced on X that stock market value hit a record high under the present administration, citing UBA's performance on the Nigerian bourse.

He said: "The opening week witnessed remarkable market highs and surpassed historical benchmarks, culminating in an unmistakably bullish trajectory as the financial year kicked off on a notably positive note.

The local stock market celebrated a bullish start to the first trading week of 2024, with gains recorded on all trading sessions this week.

The All-Share Index gained dipped by 6.54% week-on-week to close at 79,664.66 points. Likewise, market capitalization rose by N2.680 trillion to close the week at N43.594 trillion."

UBA's milestone comes as the bank joins the list of most profitable banks in 2023.

Other Nigerian banks which have crossed the N1 trillion mark include:

GTCO Holdings

Zenith Bank

First Bank

Stanbic IBTC