Investors in the stocks of five of Nigeria’s biggest banks lost a whopping N7.61 billion at the weekend as market capitalization of these banks dropped to N2.43 trillion.
The loss can be attributed to the sell-off witnessed in the shares of most of the banks, during last week’s five trading days.
One of the banks, United Bank for Nigeria Plc lost N1.71 billion as its market capitalization depreciated from N258.21 billion to N256.50 billion, due to the decrease in its share price from N7.55 to N7.50, reflecting a decline of 0.7 percent.
GTCO Plc lost a total of N16.19 billion after market capitalization depreciated to N810.83 billion from N827.02 at the end of Friday’s trading session.
The decline can be attributed to the decrease in the share price, from N28.10 traded at the end of the previous week, to N27.55 at the close of business on Friday, reflecting a decline of 2.0 percent.
Access Bank Plc gained a total of N3.55 billion at the end of the trading week as its market capitalization appreciated from N319.91 billion to stand at N323.46 billion to close the week at N9.10 per share from N9.00 the previous week.
At the end of the week, investors had traded a total of 16,752,293 units of the bank’s shares valued at N151.88 million. The total volume traded for the week declined by 29.95 percent from a total of 23.91 million traded in the previous week.
Meanwhile Zenith Bank Plc gained N3.14 billion after its market capitalization appreciated to N766.07 billion from N762.93 billion at the end of the week. This growth can be attributed to the 0.4 percent increase in its share price from N24.30 traded at the end of previous week to N24.40.
First Bank Holdings Nig. Plc gained N3.59 billion as its market capitalization appreciated from N265.63 billion to N269.21 billion, due to the increase in its share price from N7.40 to N7.50, reflecting a growth of 1.4 percent, at the close of business on Friday, August 27, 2021.