GTCO, UBA, 3 others begin new week on negative market sentiments

Nigeria’s five biggest Banks begin the new week on a negative market sentiment as their shares depreciated by 5.46 per cent to close at N2.23 trillion as at 17th of June, 2022, and investors losing a total of N128.61 billion on the trading week.

The banks, GTCO,  FBNH, Access Bank, UBA and Zenith Bank make up over 70 per cent of the NSE Banking sector index, hence, strongly influencing the growth or otherwise of the index.

According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks dropped to N2.23 trillion, depreciating by 5.46 per cent during the week.

FBNH’s share price declined by 8.06 percent to close the week at N9.70, with its market capitalization at N348.18 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 N9.70.

United Bank for Africa Plc depreciated by 2.60 per cent as its market capitalization closed the week at N256.50 billion losing a total of N6.84 billion w-o-w, with its share price standing at N7.50.

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GTCO Plc depreciated by N27.96 billion after its market capitalization declined to N619.53 billion from N647.49 billion at the end of the week’s trading session.

The decline can be attributed to the decrease in its share price, from N22.00 traded at the end of last week, to N21.05 as at the close of business, reflecting a decrease of 4.32 per cent.

The first quarter 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 5.10 per cent to close the week at N9.30, and the market capitalization lost N17.77 billion to stand at N330.57 billion.

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Access Bank Plc released its first quarter financial result, which revealed a profit of N57.40 billion in the first quarter, reflecting a 9.23 per cent increase.

Zenith Bank Plc lost N45.52 billion w-o-w after its market capitalization depreciated to N671.88 billion from N717.41 billion at the end of the week.

This depreciation can be attributed to the 6.35 per cent decline in its share price, from N21.40 traded at the end of last week, to N22.85 at the end of this week.

The bank’s first quarter 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.