Key highlights
- The top five banks in Nigeria, also known as tier-1 banks or FUGAZ, experienced a 1.75% decline in market capitalization, resulting in a loss of N44.2 billion for investors.
- Four out of the five tier-1 banks suffered negative market sentiments during the week, while one remained unchanged.
- FBNH PLC experienced the largest decline in share price by 5.9%, while GTCO PLC remained unchanged, and the NGX banking index appreciated by 0.08%.
The market capitalization of the top five banks in Nigeria, otherwise known as the tier-1 banks or FUGAZ, depreciated by 1.75% to close at N2.52 trillion as of Friday.
Consequently, investors in these banks lost a total of N44.2 billion.
After five trading days of the week, four of the five tier-1 Nigerian banks suffered negative market sentiments, while one remains unchanged.
According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks declined to N2.52 trillion after depreciating 1.75% during the week.
A summary of the performance of each bank is captured below.
FBNH PLC
FBNH’s share price depreciated by 5.9% with its market capitalization at N375 billion amid sell-offs and buy-interests at the end of the trading week.
UBA PLC
United Bank for Africa Plc’s share price depreciated by 0.6% as its market capitalization closed the week at N290 billion, losing a total of N1.7 billion week-on-week.
GT Holding Company Plc
GTCO Plc’s share price remains unchanged to close the week at N24.40, with its market capitalization at N718 billion amid sell-offs and buy-interests at the end of the trading week.
Access Holdings Plc
Access Holding Plc’s share price depreciated by 1.1% to close the week at N8.85, and the market capitalization lost N3.5 billion to stand at N314 billion.
Zenith Bank Plc
Zenith Bank Plc’s share price depreciated by 2.0% with its market capitalization at N784 billion amid sell-offs and buy-interests at the end of the trading week.
What you should know
The Nigerian Exchange Limited (NGX) closed negative week-on-week as ASI depreciated by 0.09% to close at 51,893.94.
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 0.08% to close at 448.23 points.
