- The top 5 banks at the NGX experienced a 6.46% appreciation in market capitalization resulting in a gain of N181.5 billion for investors.
- All 5 banks were bullish for the week as ACCESS HOLDINGS Plc (11.8%) was the best-performing bank.
- The NGX Banking Index gained 26.44% 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 6.46% to close the week at N2.88 trillion.
At the end of this week’s five trading days, all five tier-1 Nigerian banks enjoyed positive market sentiments, with ACCESS HOLDINGS Plc (11.8%) being the best-performing bank.
It was a rewarding week for FUGAZ Investors as they gained a total of N181.5 billion.
A summary of the performance of each bank is analyzed below.
First Bank Holdings Plc
FBNH Plc’s share price gained 10.8% to close the week at N13.85 per share as against N12.5 recorded last week.
The market capitalization gained N48.46 billion to close at N497.15 billion.
UBA Plc’s share price rose by 11.4% to close the week at N9.3 per share as its market capitalization gained N32.49 billion to close at N318.05 billion.
GTCO Plc share price appreciated by 3.4% to close at N27.5 per share.
The market capitalization gained N26.49 billion to close at N809.36 billion for the week.
Access Holdings Plc
Access Holdings Plc was the best performer for the week as its share price gained 11.8% to close at N11.4 per share from N10.2 recorded last week.
Its market capitalization gained N42.65 billion to close the week at N405.21 billion.
Zenith Bank Plc
Zenith Bank gained N31.40 billion as market capitalization appreciated to N847.70 billion as against N816.31 billion recorded last week.
It remains the most capitalized bank at the Nigerian Exchange.
Its share price gained 3.8% to close the week at N27.0 per share.
What You Should Know
The NGX All-Share Index and Market Capitalization appreciated by 1.51% to close the week at 52,973.88 and N28.845 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 26.44% to close at 495.99 points.