Article summary
- The top 5 banks at the NGX experienced a 4.41% appreciation in market capitalization resulting in a gain of N126.86 billion for investors.
- All 5 banks were bullish for the week as ACCESS HOLDINGS Plc (8.77%) was the best-performing bank.
- The NGX Banking Index gained 4.89% to close the week positive.
The market capitalization of the top five banks in Nigeria, otherwise known as the tier-1 banks or FUGAZ, appreciated by 4.41% to close the week at N3.0 trillion.
At the end of this week’s four trading days, all five tier-1 Nigerian banks enjoyed positive market sentiments, with ACCESS HOLDINGS Plc (8.77%) being the best-performing bank.
It was a rewarding week for FUGAZ Investors as they gained a total of N126.86 billion.
A summary of the performance of each bank is analyzed below.
First Bank Holdings Plc
FBNH Plc’s share price gained 2.9% to close the week at N14.25 per share as against N13.85 recorded last week.
The market capitalization gained N14.36 billion to close at N511.51 billion.
UBA Plc
UBA Plc share price marginally rose by 0.5% to close the week at N9.35 per share as its market capitalization gained a modest N1.71 billion to close at N319.76 billion.
GTCO Plc
GTCO Plc share price appreciated by 3.1% to close at N28.35 per share.
The market capitalization gained N25.01 billion to close at N834.37 billion for the week.
Access Holdings Plc
Access Holdings Plc was the best performer for the week as its share price gained 8.8% to close at N12.4 per share from N11.4 recorded last week.
Its market capitalization gained N35.54 billion to close the week at N440.76 billion.
Zenith Bank Plc
Zenith Bank gained N50.23 billion as market capitalization appreciated to N897.94 billion as against N847.70 billion recorded last week.
It remains the most capitalized bank at the Nigerian Exchange.
Its share price gained 5.9% to close the week at N28.6 per share.
What You Should Know
The market opened for four trading days this week as the Federal Government of Nigeria declared Monday 29th May 2023 as Public Holidays to commemorate the inauguration of the newly elected President of the Federal Republic of Nigeria.
The NGX All-Share Index and Market Capitalization appreciated by 5.37% to close the week at 55,820.50 and N30.395 trillion respectively.
The FUGAZ banks make up over 70% of the NGX Banking sector index, hence, strongly influencing the growth or otherwise of the index.
As the All-Share Index closed the week positive, the NGX Banking Index also gained 4.89% to close at 520.23 points.
