Key Highlights
- The market capitalization of Nigeria’s tier-1 banks, FUGAZ, increased by 3.11% to N2.56 trillion, with investors gaining N77.5 billion in total.
- FBNH PLC led the gainers among the five tier-1 Nigerian banks, with its share price appreciating at N11.10 and market capitalization at N398 billion.
- UBA PLC, GTCO Plc, Access Bank Plc, and Zenith Bank Plc also recorded positive performance for the week with significant growth in net interest income and profit after tax.
The market capitalization of Nigeria’s tier-1 banks, otherwise known as FUGAZ, appreciated by 3.11% to close at N2.56 trillion on Friday, March 31 2023, as investors gained a total of N77.5 billion.
At the end of this week’s five trading days, the five tier-1 Nigerian banks enjoyed positive market sentiments, with FBNH PLC leading the gainers.
According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks rose to N2.56 trillion after appreciating by 3.11% during the week.
A summary of the performance of each bank is captured below.
FBNH PLC
FBNH’s share price appreciated to N11.10, with its market capitalization at N398 billion amid sell-offs and buy-interests at the end of the trading week.
UBA PLC
United Bank for Africa Plc share price appreciated by 4.4% to close the week at N8.35, with its market capitalization at N285.5 billion amid sell-offs and buy-interests at the end of the trading week
GT Holding Company Plc
GTCO Plc’s share price appreciated by 2.4% to close the week at N25.50, with its market capitalization at N750.4 billion amid sell-offs and buy-interests at the end of the trading week.
Access Bank Plc
Access Bank Plc’s share price appreciated by 4.0% to close the week at N9.00, with its market capitalization at N319 billion amid sell-offs and buy-interests at the end of the trading week
Zenith Bank Plc
Zenith Bank Plc gained N28.2 billion w-o-w after its market capitalization appreciated to N811 billion from N783 billion at the end of the week. The appreciation can be attributed to the 3.6% increase in its share price from N24.95 to N25.85.
What you should know
- The Nigerian Exchange Limited (NGX) closed positive week-on-week as ASI depreciated by 0.33% to close at 54,232.34.
- The FUGAZ banks make up over 70% of the NSE Banking sector index, hence, strongly influencing the growth or otherwise of the index; however, the NGX banking index appreciated by 0.61 % to close at 452.97 points.
