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FUGAZ Stocks investors lose N19.42 billion during the week

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The market capitalization of the top five banks referred to as the Tier-1 banks (FUGAZ) dropped to N2.49 trillion at the close of business on July 16, 2021, as investors in these banks lost N19.42 billion during the trading week.

According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks dropped to N2.49 trillion to lose about 0.8% during the week.

The loss can be attributed to the sell-off witnessed in the share prices of the banks, during the five trading days.

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

FBNH PLC

First Bank Holdings Nig. Plc lost a total of N14.35 billion after its market capitalization dropped from N276.39 billion to N262.04 billion at the close of business on Friday.

The drop is due to a sharp decline in its share price which closed at N7.30, shedding about 5.2% in a day.

During the week, investors traded about 18,632,436 units of the bank’s shares valued at N137.11 million. The volume of shares traded depreciated immensely by 597.64%, when compared to 129.90 million units traded the previous week.

During the week, First Bank of Nigeria Limited announced that in line with its commitment to promoting financial inclusion, N100 billion loan has been made available to Firstmonie, its agent banking platform.

The bank is yet to release its second-quarter results.

UBA Plc

United Bank for Africa Plc gained N8.55 billion as its market capitalization appreciated from N256.50 billion to N265.05 billion, due to the increase in its share price from N7.50 to N7.75, reflecting a growth of 3.30%.

UBA Plc, during the week, traded a total of 71,218,494 units valued at N536.88 million. In comparison, the bank’s share volume appreciated by 18.25%, from 60.23 million traded last week.

UBA Plc is yet to release its second-quarter financial statements for Q2 2021.

GTB Holding Company Plc

GTCO Plc lost a total of N1.47 billion after its market capitalization dropped to N865.28 billion at the end of yesterday’s trading session.

The marginal loss can be attributed to a slight decrease in the share price, from N29.45 traded at the end of last week, to N29.40 at the close of business, reflecting a marginal decline of 0.20%.

During the trading week, Investors traded a total of 120,899,602 units of the bank’s shares valued at N3.57 trillion, making the bank the most traded stock amongst the FUGAZ during the week.

In contrast with the volume traded last week, share volume for this week increased by 89.83% from 63.69 million. The gains in volume can actually be attributed to the official listing ceremony of the holding company during the week at the floor of the NGX, as well as the announcement of Mrs Miriam Olusanya as the new MD of Guaranty Trust Bank, following the end of Segun Agbaje’s tenure.

Access Bank Plc

Access Bank Plc appreciated by N3.55 billion as its market capitalization increased to N327.02 billion at the end of the trading week. The gain was due to a 1.1% increase in its share price from N9.10 traded earlier to N9.20.

At the end of the week, investors had traded a total of 54,443,124 units of the bank’s shares valued at N494.46 million, trading the highest number of shares on Wednesday at 28.65 million units, valued at N259.58 million at the end of the trading day. The total volume traded for the week declined by 19.69%, from a total of 67.79 million traded in the previous week.

During the week, Access Bank, along with two other banks donated the sum of N100 million to the National Men and Women basketball teams to encourage their participation at the Tokyo Olympics event.

Access Bank Plc is yet to release its Q2 financial result for the year.

Zenith Bank Plc

Zenith Bank Plc lost N15.70 billion after its market capitalization declined to N767.64 billion from N783.34 billion at the end of the week. This decline is a result of the 2.00% decrease in its share price from N24.95 traded at the end of last week, to N24.45 at the end of this week.

Hence, a total of 69,822,966 units of the bank’s shares were traded during the week, valued at N1.70 trillion, making the firm’s stock the second most traded stock amongst the FUGAZ during the week. The total volume, in comparison with the previous week, depreciated by 19.22%, from 86.43 million units traded last week.

During the week, Zenith Bank Plc was named the ‘Best Commercial Bank in Nigeria’ in the World Finance Banking Awards 2021, maintaining its dominance.

Zenith Bank is yet to release its half-year financial result.

What you should know

The Nigerian Exchange Limited (NGX) closed negative week-on-week as ASI depreciated by 0.12% to close at 37,947.18.

The FUGAZ banks make up over 70% of the NSE Banking sector index, hence, they strongly influence the growth or otherwise of the index.

The NGX Banking Index closed flat to increase by 0.01% to 383.30.

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