Article Summary
- The top 5 banks at the NGX experienced a 0.24% appreciation in market capitalization resulting in a marginal gain of N7.32 billion for investors.
- UBA and Access Holdings gained while others experienced losses.
- The NGX Banking Index gained 1.10% 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 0.24% to close the week at N3.01 trillion.
At the end of this week’s trading, UBA and ACCESS HOLDINGS closed positive compared to last week’s result while ZENITH, GTCO and FBNH closed negative compared to last week’s session.
FUGAZ Investors saw a marginal gain of N7.32 billion from a total of all 5 banks.
A summary of the performance of each bank is analyzed below.
First Bank Holdings Plc
FBNH Plc’s share price lost 1.1% to close the week at N14.10 per share as against N14.25 recorded last week.
The market capitalization lost N5.38 billion to close at N506.12 billion.
UBA Plc
UBA Plc was the best performer for the week as its share price rose by 6.4% to close the week at N9.95 per share as its market capitalization gained N20.52 billion to close at N340.28 billion.
GTCO Plc
GTCO Plc’s share price depreciated by 1.2% to close at N28.00 per share.
The market capitalization lost N10.30 billion to close at N824.07 billion for the week.
Access Holdings Plc
Access Holdings Plc’s share price gained 4.8% to close at N13.00 per share from N12.4 recorded last week.
Its market capitalization gained N21.33 billion to close the week at N462.09 billion.
Zenith Bank Plc
Zenith Bank lost N18.84 billion as market capitalization appreciated to N879.10 billion as against N897.94 billion recorded last week.
It remains the most capitalized bank at the Nigerian Exchange.
Its share price lost 2.1% to close the week at N28.0 per share.
What You Should Know
The NGX All-Share Index and Market Capitalization appreciated by 0.20% to close the week at 55,930.97 and N30.455 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 closing the week positive, the NGX Banking Index also gained 1.10% to close at 525.93 points.
