The stock market rebounded yesterday which made the Nigerian Stock Exchange (NSE) All-Share Index (ASI) to rise by 0.65 per cent to close at 34,340.56, after a negative start on Monday.
The market had depreciated the previous day following continued profit taking that depressed the prices of 46 stocks as against five that appreciated.
However, the trend was reversed yesterday as 26 stocks appreciated compared with 16 others depreciated. United Capital Plc led the price gainers with 9.5 per cent, trailed by Fidelity Bank Plc with 9.4 per cent. Mutual Benefits Assurance Plc chalked up 8.7 per cent, just as Cornerstone Insurance Plc and Union Diagnostic and Clinical Services Plc garnered 8.6 per cent and 8.0 per respectively.
Sterling Bank Plc and Union Bank of Nigeria Plc went up by 7.6 per cent and 7.2 per cent in that order. Both banks were among those that released their nine months last week.
For instance, Union Bank of Nigeria Plc recorded gross earnings of N118.8 billion in 2020, indicating a six per cent growth from N111.9 billion posted in the corresponding period of 2019. Profit before tax rose two per cent from N15.5 billion to N15.9 billion in 2019.
Commenting on the results, Chief Executive Officer of Union Bank, Emeka Emuwa, had said notwithstanding the realities of a tougher operating environment arising from the ripple effects of the Covid-19 pandemic, the bank delivered a six per cent growth in gross earnings from N111.9 billion in nine months to N118.8 billion in nine months 2020..
According to him, the bank reached a major milestone as our customer deposits crossed the N1 trillion mark this quarter, growing by 28 per cent to N1.1 trillion compared to N886.3 billion at the end of 2019. “This reflects increasing customer loyalty and our intense retail drive. Our customer acquisition strategy has been reinforced by the versatility of our digital platforms and channels which continue to drive customer satisfaction,” he said.
Meanwhile, Eterna Plc led the price losers with 9.9 per cent, trailed by Fidson Healthcare Plc with 9.8 per cent. Champion Breweries Plc shed 9.4 per cent. Julius Berger Nigeria Plc went down by 8.9 per cent, just as Chams Plc and Livestock Feeds Plc lost 8.3 per cent and 5.5 per cent in that order.