FUGAZ investors lose N44.2 billion during the week

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.

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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.

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