Article Summary

  • The top 5 banks at the NGX experienced a 6.40% appreciation in market capitalization resulting in a gain of N162.2 billion for investors.
  • All 5 banks were bullish for the week as GTCO Plc (9.69%) was the best-performing bank.
  • The NGX Banking Index gained 13.15% 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 6.40% to close the week at N2.69 trillion.

At the end of this week’s five trading days, all five tier-1 Nigerian banks enjoyed positive market sentiments, with GTCO Plc (9.69%) being the best performing bank.

It was a rewarding week for FUGAZ Investors as they gained a total of N162.2 billion.

A summary of the performance of each bank is analyzed below.

First Bank Holdings Plc

FBNH Plc share price gained 3.7% to close the week at N12.5 per share as against N12.05 recorded last week.

The market capitalization gained N16.15 billion to close at N432 billion.


UBA Plc share price rose marginally by 1.2% to close the week at N8.35 per share as its market capitalization gained N3.42 billion to close at N285.5 billion.


GTCO Plc was the best performer for the week as its share price appreciated by 9.7% to close at N26.6 per share. The market capitalization gained N69.16 billion to close at N782.87 billion for the week.

Access Holdings Plc

Access Holdings Plc share price gained 3.0% to close at N10.2 per share from N9.9 recorded last week. Its market capitalization gained N10.66 billion to close the week at N362.56 billion.

Zenith Bank Plc

Zenith Bank gained N62.79 billion as market capitalization appreciated to N816.31 billion as against N753.51 billion recorded last week. It remains the most capitalized bank at the Nigerian Exchange. Its share price gained 8.3% to close the week at N26.0 per share.

What You Should Know

The NGX All-Share Index and Market Capitalization depreciated by -0.05% to close the week at 52,187.93 and N28.417 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.

However, despite the All-Share Index closing the week negative, the NGX Banking Index gained 13.15% to close at 469.55 points.