Thursday, February 2

FUGAZ investors end the week losing just 0.02% in market capitalization


The market capitalization of the top five banks, referred to as the Tier-1 banks or FUGAZ, closed flat at N2.592 trillion as at close of business, 14th of January, 2022, as investors in these banks lost a total of N584 million during the trading week.

After 5 trading days of the week, 3 of the 5 tier-1 Nigerian banks enjoyed positive market sentiments, while GTCO maintained the loser spot.

According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks declined to N2.592 trillion to depreciate by 0.02% during the week.

A summary of the performances of each bank is captured below.

FBNH PLC

FBNH’s share price appreciated to close the week at N12.00, gaining N5.38 billion, and taking its market capitalization to N430.74 billion at the end of the week. Amid sell-offs and buy-interests, at the end of the trading week, FBNH share price appreciated by 1.27% from N11.85 to N12.00

During the week, investors traded 93,700,561 units of the Bank’s shares valued at N1.12 billion, making the bank’s stock the most traded in volume.

FBNH Plc’s third-quarter 2021 result showed that Interest Income dropped by 12.63% Y-o-Y to N260.12 billion, from N297.71 billion recorded in the same period of 2020. Similarly, Net interest income declined by 15.45% Y-o-Y to N162.96 billion, against N192.74 billion recorded in the corresponding period of last year. Profit after tax declined significantly by 40.15% Y-o-Y to N40.79 billion during the period under review.


UBA PLC

United Bank for Africa Plc appreciated by 3.13% as its market capitalization closed the week at N282.15 billion, with its share price standing at N8.25.

UBA Plc traded a total of 29,523,614 units valued at N240.97 million at the end of the trading day.

UBA Plc released its Q3 2021 financials, revealing that net interest income appreciated by 23.25% to N229.27 billion from N186.02 billion, while total assets grew to N8.35 trillion from N7.7 trillion. In addition, the company’s profit after tax rose by 35.61% to N104.60 billion, up from N77.13 billion in the same period of 2020.


GT Holding Company Plc

GTCO Plc declined by N17.66 billion, after its market capitalization depreciated to N741.67 billion from N759.32 billion at the end of the week’s trading session.

The decline can be attributed to the decrease in its share price, from N25.80 traded at the end of last week, to N25.20 as at close of business, reflecting a decrease of 2.33%.

During the trading week, Investors traded a total of 62,746,709 units of the bank’s shares, valued at N1.60 billion, making the bank’s stock the most traded in value.

In Q3 2021, the Group reported a decline of 7.48% in interest income from N74.52 billion recorded in the corresponding period of September 2020 to N68.94 billion in the current period. However, post-tax profit appreciated by 4.11% from N48.01 billion in 2020, to N49.99 in the current period.


Access Bank Plc

Access Bank Plc’s share price stood unchanged to close the week at N9.50, and the market capitalization stood at N337.68 billion.

At the end of the week, investors had traded a total of 70,213,140 units of the bank’s shares valued at N667.09 million.

Access Bank Plc released its Q3 2021 financial result which revealed a decline in Net interest income by 3.43% to N67.66 billion, while profit after tax dropped by 9.11%, from N38.46 billion in September 2020 to N34.95 billion in September 2021.


Zenith Bank Plc

Zenith Bank Plc gained N3.14 billion after its market capitalization appreciated to N800.61 billion from N797.47 billion at the end of the week. This appreciation can be attributed to the 0.39% growth in its share price, from N25.40 traded at the end of last week, to N25.50 at the end of this week.

Hence, a total of 41,943,970 units of the bank’s shares were traded during the week, valued at N1.07 billion.

The bank released its nine-month financial result for the period ended September which revealed that Interest income for the period declined by 3.13% to N308.84 billion from N318.82 billion in the corresponding period of 2020. However, post-tax profit for the period reported a marginal growth of 0.80% from N159.32 billion in 2020 to N160.59 billion in the current period.


What you should know

The Nigerian Exchange Limited (NGX) closed positive week-on-week as ASI appreciated by 1.37% to close at 44,454.67

The FUGAZ banks make up over 70% of the NSE Banking sector index, hence, strongly influencing the growth or otherwise of the index, as the NGX banking grew by 0.75% from 409.22 to close at 412.30 points.



nairametrics.com