The market capitalization of the top five banks, referred to as the Tier-1 banks or FUGAZ, depreciated by 1.89%; to close at N2.19 trillion as at 29th of July, 2022, as investors in these banks lost a total of N42.21 billion on the trading week.
After 5 trading days of the week, all five of the tier-1 Nigerian banks suffered negative market sentiment.
According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks; declined to N2.20 trillion as it depreciated by 1.89% during the week.