JULY 18, 2017: UBA CROSS DEALS 2BN SHARES AT NIGERIAN SE.

Today, Tuesday July 18, 2017 hard to beat record was set at the Nigerian stock exchange as UBA crossed deal for 2.080bn shares.

The shares were owned by the bank's staff share investment trust Scheme and were being bought over by the bank in line with shareholders resolution at 2016 Annual General Meeting that they be cancelled.

In  effect the crossed deal is the first step towards their cancellation.The holding represent about 5.73% of UBA's total issued capital presently and their eventual cancellation will reduce issued capital accordingly.

In view of the crossed deal, UBA thus recorded 7th ranked 150 deals for 2,086.6m units worth all time high N19.756bn with the balance of about 6.5m shares on top of the crossed units being sold openly.

UBA, with price earnings ratio of 4.11 hit a high of N8.98 and low of N8.70 then closed at N8.80 per share at the end of the day. Its year high and low remain N9.47 and N4.01 per share.

In the end, UBA accounted for 86.6% of the day's 2.408bn traded shares and 91.4% of N21.6bn traded value.

In value terms, the closest was Nestle Nigeria's 30 deals for 0.448 units worth N411.71m. Nestlé had also paced the market in its own special way by gaining N16 per share or 1.77%.

In terms of deals struck, however, UBA naturally lagged since the bulk of its day deal was crossed. Lead deals were recorded in Oando as 4th placed 13.59m shares changed hands in 331 deals worth 8th N89.96m.

It was followed by FBN Holdings with 325 deals for 3rd ranked 35.5m shares worth 4th placed N208.47m.

Continental insurance, down N0.06 per share or 4.55%, closed with 12 deals for 174.4m shares worth 3rd ranked N219.7m to trail UBA volume wise.

The All shares index continued its steady growth by closing at 33,536.61, up 0.41% as Consumer goods index rose by 1.43% to 789.84 and main board index increased by 0.63% to 1486.40.

There were 27 price gainers and 19 losers with average margin of gain still higher.

In % terms, the gainers were led by Honeywell Flour up 8.29%  or by N0.15 per share followed by Union Bank with 5% or N0.27 per share.

The losers on the other hand were led by May and Baker in % terms with 5.02% drop or N0.13 per share but in Naira terms top of the bill was Forte Oil's N2.54 per share or 4.20% drop.

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