The market capitalisation of Nigeria’s tier-1 banks, FBNH PLC, Access Bank, UBA, GTbank and Zenith appreciated by 0.29 per cent to close at N2.02 trillion on Friday, November 4 2022, as investors gained a total of N5.89 million.
At the end of last week’s five trading days, two of the five tier-1 Nigerian banks enjoyed positive market sentiments, with FBNH PLC leading the gainers while others suffered negative sentiment
According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks rose to N2.02 trillion after appreciating by 0.29 per cent during the week.
FBNH’s share price appreciated by 7.61 per cent to close the week at N9.90, with its market capitalization at N355.36 billion amid sell-offs and buy-interests at the end of the trading week.
United Bank for Africa Plc remained unchanged as its market capitalization closed the week at N239.66 billion while its share price stood at N7.00.
GTCO Plc depreciated by N20.6 billion after its
market capitalization declined to N517.99 billion from N538.59 billion at the end of the week’s trading session.
The decline can be attributed to the decrease in the company’s share price from N18.30 traded at the end of last week, to N17.60 at the close of business, reflecting a decrease of 3.8 per cent.
Access Bank Plc’s share price depreciated by 0.62 per cent to close the week at N7.95 and the market capitalization lost N1.78 billion to stand at N282.58 billion.
Access Bank Plc released its latest earnings report for the period ended September 2022, which revealed a profit of N48 billion. This is a 31 per cent increase compared to the profit report during the comparable period in 2021. The financial report also showed that interest income rose by 34 per cent from N154.941 billion to N115.543 billion in the current period.
Zenith Bank Plc gained N3.14 billion w-o-w after its market capitalization appreciated to N623.22 billion from N620.08 billion at the end of the week.
The appreciation can be attributed to the 0.51 per cent increase in its share price from N19.75 to N19.85.
The FUGAZ banks make up over 70 per cent of the NSE Banking sector index, hence, strongly influencing the growth or otherwise of the index; however, the NGX banking index depreciated by 0.29 per cent from 378.05 last week to close at 370.98 points.
