Unity Bank Records Unusual Volume Trades, Gains 45%
Unity Bank Plc attracted equities investors’ attention in the stock market at the first trading sessions in the new year, gaining more than 45% over transactions conducted over four days starting from Tuesday.
Specifically, there were large unusual volume transactions recorded in the market by invisible hands –the move started at the beginning of the year and it played throughout the four trading sessions.
The strong interest in the market lifted the Nigerian small lender’s equities capitalisation to about N27.5 billion. The bank share price printed at N2.35 on Friday, details from the Nigerian Exchange revealed.
It closed the year 2023 at N1.62 despite Santa Claus rally that greeted trading activities in the local bourse at the year end.
There is so much going on for this Tier-111 lender in the banking sector. The bank which has engraved its name in Agricultural projects financing has been caught in Broadstreet play with plan merger and acquisition deal discussion with Providus Bank Limited.
According to insider sources, there is an ongoing discussion but terms and conditions are yet to be agreed. By extension, the deal toward balance sheet enlargement is subject to regulatory approval. Dangote Reacts to EFCC Visit to Headquarters
The question is, if the stock market placed less than N28 billion on Unity Bank Plc, how much would the deal worth?
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