The market capitalization of the top five banks, referred to as the Tier-1 banks or FUGAZ; appreciated by 0.77% to close at N2.28 trillion as at 15th of July, 2022, as investors in these banks gained N17.44 billion during the trading week. After 3 trading days of the week, 3 of the 5 tier-1 Nigerian banks enjoyed positive market sentiments; with FBNH Plc leading the gainers.
FBNH’s share price gained 2.83% to close the week at N10.90, with its market capitalization at N391.26 billion at the end of the week. Amid sell-offs and buy-interests, at the end of the trading week, FBNH’s share price stood at N10.90. United Bank for Africa Plc depreciated by 1.99% as its market capitalization closed the week at N253.05 billion to lose N5.13 billion; with its share price standing at N7.40. GTCO Plc appreciated by N16.19 billion as its market capitalization increased to N616.58 billion from N600.40 billion at the end of the week’s trading session.
Access Bank Plc’s share price depreciated by 3.16% to close the week at N9.20; and the market capitalization lost N10.66 billion to stand at N327.2 billion. Zenith Bank Plc gained N6.28 billion w-o-w after its market capitalization appreciated to N697.00 billion from N690.72 billion at the end of the week. This appreciation can attribute to the 0.91% growth in its share price; from N22.00 traded at the end of last week, to N22.20 at the end of this week.
The FUGAZ banks make up over 70% of the NSE Banking sector index; hence, strongly influencing the growth or otherwise of the index; however, the NGX banking index decreased by 0.52% from 397.99 to close at 395.91 points.