The market capitalization of the top five banks in Nigeria (also known as tier-1 banks or FUGAZ) appreciated by 2.49% to close the week at N2.05 trillion. This is as investors in these banks gained a total of N49.79 billion.Â
Between Monday, October 17 and Friday, October 21, all the tier-1 Nigerian banks enjoyed positive market sentiments, with FBNH leading the gainers.Â
Below is a summary of how each of the banks performed during the week under review. This is according to data from the Nigerian Exchange (NGX).Â
FBNH PLCÂ
FBNH’s share price appreciated by 7.78% to close the week at N9.7, with its market capitalization rising to N348.18 billion.Â
UBA PLCÂ Â
United Bank for Africa Plc appreciated by 2.19% as its market capitalization closed the week at N239.40 billion to gain a total of N5.13 billion w-o-w, with its share price standing at N7.00. Â
GT Holding Company PlcÂ
GTCO Plc appreciated by N16.19 billion after its market capitalization grew to N544.48 billion from N528.29 billion at the end of the week’s trading session. The growth can be attributed to the increase in its share price from N17.95 to N18.50, reflecting an increase of 3.06%.Â
Access Bank PlcÂ
Access Bank Plc’s share price appreciated by 0.63% to close the week at N8.05 and the market capitalization gained N1.78 billion to stand at N286.14 billion. Â
Zenith Bank Plc Â
Zenith Bank Plc gained N1.57 billion w-o-w causing its market capitalization to appreciate to N629.50 billion from N627.93 billion at the end of the week. The appreciation can be attributed to the 0.25% growth in its share price from N20.00 to N20.05. Â
WHAT YOU SHOULD KNOWÂ Â
The FUGAZ banks make up over 70% of the NSE Banking sector index. As such, they influence the performance of the index. However, despite the positive performance of the FUGAZ banks during the week under review, the NGX banking index still declined by 0.35% to close at 377.79 points as against 373.48 points last week.Â
