FBN Holdings, UBA, capitalisation hikes by 10.48% for the week
The top Five banks at the Nigerian Exchange Limited (NGX) experienced a 10.48 per cent appreciation in market capitalisation resulting in a gain of N315.49 billion for investors.
FBN Holdings and United Bank for Africa (UBA) were the top gainers for the week as their share prices gained 12.1 per cent and 11.6 per cent respectively.
The market capitalisation gains N61.02 billion to close at N567.14 billion.
United Bank for Africa (UBA) Plc’s share price rose by 11.6 per cent to close the week at N11.1 per share as its market capitalisation gained N39.33 billion to close at N379.61 billion.
Guaranty Trust Holding Company (GTCO) Plc’s share price appreciated by 9.3 per cent to close at N30.06 per share.
The market capitalisation gained N76.52 billion to close at N900.59 billion for the week.
Access Holdings Plc’s share price gained 9.6 per cent to close at N14.25 per share from N13.00 recorded last week.
Its market capitalisation gained N44.43 billion to close the week at N506.52 billion.
Zenith Bank gained N94.19 billion as market capitalisation appreciated to N973.29 billion as against N879.10 billion recorded last week.
The bank crossed the N1 trillion mark in terms of market capitalisation on Wednesday when its share price closed at N33.8.
However, the back-to-back losses NGX experienced on Thursday and Friday saw Zenith Bank’s valuation drop to N973.29 billion.
It still remains the most capitalised bank at the Nigerian Exchange. Its share price gained 10.7 per cent from last week to close the week at N31.0 per share.
The FUGAZ banks make up over 70 per cent of the NGX Banking sector index, hence, strongly influencing the growth or otherwise of the index.
As the All-Share Index (ASI) closed the week positive, the NGX Banking Index also gained 12.59 per cent to close at 592.14 points as it was the best-performing index for the week.
This surge is a result of new economic policies implemented by President Tinubu which saw the removal of Godwin Emefiele as CBN Governor and also the unification of the foreign exchange rate.
At the end of this week’s trading, FBN Holdings (12.1 per cent), UBA Plc (11.6 per cent), GTCO Plc (9.3 per cent), Access Holdings (9.6 per cent), and Zenith Bank (10.7 per cent) all saw positive sentiments as investors in these stocks gained N315.49 billion.
First Bank Holding of Nigeria (FBNH) Plc was the best-performing stock in this group as its share price gained 12.1 per cent to close the week at N15.80 per share as against N14.10 recorded last week.
