FUGAZ investors gain N17bn combined during the week
The market capitalisation of the top five banks, referred to as the Tier-1 banks or FUGAZ, appreciated by 0.77 per cent to close at N2.28 trillion as at 15th of July, 2022, as investors in these banks gained a total of 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.
According to data from the Nigerian Exchange (NGX), the market capitalisation of the top five banks grew to N2.28 trillion to appreciate by 0.77 per cent during the week.
FBNH’s share price gained 2.83 per cent to close the week at N10.90, with its market capitalisation 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.
FBNH Plc’s Q1 2022 result showed that Interest Income grew by 39.67 per cent Y-o-Y to N109.45 billion, from N78.36 billion recorded in the same period of 2021. Similarly, Profit After Tax grew significantly by 107.63 per cent Y-o-Y to N32.44 billion during the period under review.
United Bank for Africa Plc depreciated by 1.99 per cent as its market capitalisation closed the week at N253.05 billion to lose a total of N5.13 billion w-o-w, with its share price standing at N7.40.
UBA Plc released its Q1 2022 financials, revealing that net interest income appreciated by 14.10 per cent to N84.87 billion from N74.38 billion, while total assets grew to N8.89 trillion from N8.54 trillion in December 2021.
In addition, the company’s profit after tax rose by 8.76 per cent to N41.50 billion, up from N38.16 billion in the same period of 2021.
GTCO Plc appreciated by N16.19 billion as its market capitalisation increased to N616.58 billion from N600.40 billion at the end of the week’s trading session.
The growth can be attributed to the increase in its share price, from N20.40 traded at the end of last week to N20.95 as at close of business, reflecting an increase of 2.7 per cent.
The Q1 2022 financial result revealed that the Group reported a growth of 9.10 per cent in net interest income from N52.43 billion recorded in the corresponding period of 2021 to N57.20 billion in the current period. However, post-tax profit depreciated by 5.13 per cent to N43.21 billion in the current period.
Access Bank Plc’s share price depreciated by 3.16 per cent to close the week at N9.20, and the market capitalization lost N10.66 billion to stand at N327.2 billion.
Access Bank Plc released its Q1 2022 financial result, which revealed a profit of N57.40 billion in Q1 2021, reflecting a 9.23 per cent increase. The statement revealed that Net interest Income declined by 7.03 per cent from N93.96 billion to N87.36 billion in the current period.
Zenith Bank Plc gained N6.28 billion w-o-w after its market capitalisation appreciated to N697.00 billion from N690.72 billion at the end of the week.
This appreciation can be attributed to the 0.91 per cent 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 bank’s Q1 2022 financial result for the period ended March revealed that Net Interest income for the period grew by 20.89 per cent to N100.54 billion from N83.17 billion in the corresponding period of 2021.
However, Post-tax profit for the period reported a growth of 9.68 per cent from N53.06 billion in 2021 to N58.20 billion in the current period.
The Nigerian Exchange Limited (NGX) closed positive week-on-week as ASI appreciated by 1.27 per cent to close at 52,215.12.
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 decreased by 0.52 per cent from 397.99 to close at 395.91 point.
