Investors recoup N279bn as Unity Bank shares hit 52-week low

• After four days of losses, the Nigerian Exchange closed higher on Thursday, with renewed interest in banking, oil and gas stocks
• Mecure Pharmaceuticals, Oando, Dangote Sugar, Stanbic IBTC, and Access Holdings led the gainers’ chart
• Eterna, Sovereign Trust Insurance, The Initiates, Caverton, and Fidson Healthcare topped the losers’ list

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian Exchange ended Thursday’s trading session on a positive note as investors recouped some losses from earlier in the week, with the market buoyed by gains in industrial, oil and gas, and banking stocks.

At the close of trading, the NGX All-Share Index rose by 0.31% to 141,149.04 points, up from 140,716.10 points in the previous session.

Market capitalisation also climbed by N279.37 billion to N89.34 trillion. Year-to-date return improved to 37.14%.

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Top gainers

• Mecure Pharmaceuticals Plc gained N2.35, moving from N23.75 to N26.10 per share (+9.89%).
• Oando Plc rose by N4.25, from N44.75 to N49.00 per share (+9.50%).
• Dangote Sugar Refinery Plc advanced by N2.00, climbing from N45.70 to N47.70 per share (+4.38%).
• Stanbic IBTC Holdings Plc appreciated by N2.80, from N90.70 to N93.50 per share (+3.09%).
• Access Holdings Plc added N0.55, up from N22.80 to N23.35 per share (+2.41%).

Top decliners

• Eterna Plc fell by N3.10, from N31.00 to N27.90 per share (-10.00%).
• Sovereign Trust Insurance Plc declined by N0.15, from N3.10 to N2.95 per share (-4.84%).
• The Initiates Plc dropped N0.48, from N12.50 to N12.02 per share (-3.84%).
• Caverton Offshore Support Group Plc lost N0.25, moving from N6.65 to N6.40 per share (-3.76%).
• Fidson Healthcare Plc shed N1.60, down from N43.00 to N41.40 per share (-3.72%).

Top trades by volume

• Unity Bank Plc recorded the highest turnover, with 4.00 billion shares valued at N12.72 billion.
• Aradel Holdings Plc saw 693.25 million shares exchanged, amounting to N388.20 billion.
• Consolidated Hallmark Holdings Plc traded 333.21 million shares worth N1.25 billion.
• Sterling Financial Holdings Plc posted 104.91 million shares valued at N771.83 million.
• Zenith Bank Plc recorded 45.53 million shares worth N3.14 billion.

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Unity Bank in focus

Unity Bank Plc shares crashed to a 52-week low of N1.50, losing 0.66% after the Asset Management Corporation of Nigeria (AMCON) crossed its 34% equity stake on the NGX trading floor to a preferred bidder.

The lender has 11.69 billion shares outstanding.

The cross deal happened a day before the lender’s Court-Ordered Meeting to decide on its proposed merger with Providus Bank.

If approved, Unity Bank’s entire share capital will be cancelled, effectively dissolving the institution, while Providus Bank assumes the enlarged entity’s corporate identity.

Market watchers say the merger, if sanctioned, will combine the assets, liabilities, and undertakings of both banks into a single financial institution.

Union Bank and Titan Trust Bank merge

Earlier, Legit.ng reported that head of the March 31, 2026, banking recapitalisation deadline by the Central Bank of Nigeria (CBN), one of Nigeria’s oldest banks, Union Bank, has announced the successful merger with Titan Trust Bank.

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The development follows a final approval from the CBN, sealing the final merger of the two banks.

Source: Legit.ng