The market capitalization of Nigeria’s five biggest banks, GTbank, FBN, UBA, Access Bank and Zenith decreased to N2.46 trillion at the weekend with their investors losing a whopping N70.74 billion during last week’s trading week.
According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks declined to N2.46 trillion to depreciate by 2.8 percent during the week.
FBNH’s share price depreciated to close the week at N11.80, losing N7.18 billion, and taking its market capitalization to N423.56 billion at the end of the week. Amid sell-offs and buy-interests, at the end of the trading week, FBNH share price depreciated by 1.7 percent from N12.00 to N11.80
During last week’s trading, investors traded 271,967,649 units of the bank’s shares valued at N3.21 billion, making the bank’s stock the most traded in volume and value.
United Bank for Africa Plc depreciated by 2.5 percent as its market capitalization closed the week at N270.18 billion, with its share price standing at N7.90.
UBA Plc traded a total of 37,679,952 units valued at N301.08 million at the end of the trading day.
In comparison, the bank’s share volume appreciated by 41.44 percent, from 26.64 million traded last week.
GTCO Plc lost a total of N26.49 billion after its market capitalization depreciated to N709.29 billion from N735.78 billion at the end of the week’s trading session.
The decline can be attributed to the decrease in its share price, from N25.00 traded at the end of last week, to N24.10 as at close of business, reflecting a decrease of 3.60 percent.
During the trading week, Investors traded a total of 100,088,554 units of the bank’s shares, valued at N2.46 billion.
In contrast with the volume traded last week, share volume for this week declined by 31.16 percent from 145.40 million.
Access Bank Plc’s share price declined by 1.1 percent to close the week at N8.90, and the market capitalization stood at N316.35 billion.
At the end of the week, investors had traded a total of 98,674,424 units of the bank’s shares valued at N900.19 million. The total volume traded for the week grew by 24.85 percent, from a total of 79.03 million traded in the previous week.
Zenith Bank Plc lost N26.69 billion after its market capitalization depreciated to N737.82 billion from N764.50 billion at the end of the week.
This depreciation can be attributed to the 3.5 percent decline in its share price, from N24.35 traded at the end of last week, to N23.50 at the end of this week.
The Nigerian Exchange Limited (NGX) closed positive week-on-week as ASI depreciated by 2.55 percent to close at 42,167.91.