At the close of business on Friday, August 6, 2021, the market value of the top five banks known as Tier 1 banks dropped to N2.43 trillion, because investors in these banks lost N31.56 billion during the transaction. This week, FUGAZ The stock closed down for the second consecutive week.
According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks fell by 1.3% this week to close at N2.43 trillion.
The loss can be attributed to the sell-off of the bank’s stock price within five trading days.
A summary of the performance of each bank is as follows.
At the close of trading on Friday, Bank One Holdings lost a total of N3.59 billion after its market value fell from N265.63 billion to N262.04 billion.
The decline was due to the decline in its share price, which closed at N7.30, which fell by about 1.4% over the weekend.
This week, investors traded approximately 49,606,561 shares of the bank with a value of N364.77 million, making the bank’s stock the most traded stock in FUGAZ. The bank had the highest stock trading volume on Friday, at 27.28 million shares. Compared with the trading volume of 36.67 million shares in the previous week, the stock trading volume increased by 35.28%.
The bank announced its second-quarter results, showing that interest income during the period fell by 19.36%. However, the current net profit increased from USD 12.50 billion in the second quarter of 2020 to USD 22.47 billion in the second quarter of 2021, an increase of 79.76%.
As its stock price fell from N7.60 to N7.50 and its market value depreciated from N259.92 billion to N256.55 billion, Union Bank Nigeria Plc lost N3.42 billion, a drop of 1.3%.
When the market closed on Friday, UBA Plc had traded a total of 48,568,602 units this week, valued at N365.90 million.
In contrast, the bank’s stock trading volume has depreciated by 25.69% from 65.36 million naira last week.
UBA Plc has not yet released the second quarter financial statements for the second quarter of 2021.
GTCO Plc lost a total of N147.2 billion after its market value depreciated to N824.07 billion at the end of the trading session on Friday.
The decline can be attributed to the decline in stock prices, from N28.50 last weekend’s trading to N28.00 at the close of Friday, a drop of 1.80%.
During the trading week, investors traded a total of 45,496,553 shares of the bank with a value of 1.29 billion guilders, making the bank the most valuable stock in FUGAZ this week.
Compared with last week’s trading volume, this week’s stock trading volume dropped 17.30% from 55.02 million shares.
GTCO has not yet released its second quarter financial statements for the second quarter of 2021.
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Access Bank Plc depreciated N3.55 billion because its market value fell to N323.46 billion at the end of the trading week. The loss can be attributed to its share price falling 1.1% from N9.20 earlier to N9.10.
As of this weekend, investors have traded a total of 20,085,209 bank shares, valued at 18383 million Dutch guilders. The total volume of this week has dropped by 69.22% from 65.28 million in the previous week.
Access Bank Plc has not yet announced its financial results for the second quarter of this year.
Zenith Bank Plc lost USD 6.28 billion after its market value fell from USD 77.78 billion over the weekend to USD 764.5 billion. This drop can be attributed to its share price falling from N24.55 at the end of the previous week to a 0.8% drop in N24.35 this weekend.
Therefore, a total of 34,642,045 bank shares were traded this week, valued at N847.44 million. Compared with the previous week, the total transaction volume decreased by 4.94% from 36.44 million units last week.
Zenith Bank Plc has not yet announced its financial results for the second quarter of this year, which has been approved by the board of directors, but is still awaiting approval from the highest bank.
You should know
Nigeria Exchange Limited (NGX) closed higher on a week-on-week basis, and ASI rose 0.68% to close at 38,810.75.
FUGAZ banks account for more than 70% of the NSE Banking Index, so they strongly influence the growth of the index or other aspects.
The NGX Bank Index closed down 0.58% to 379.15.