Business
Zenith, UBA, 3 other Banks stocks investors gain N35.82bn
The market capitalization of the top five banks including Zenith Bank, UBA, First Bank, Access Bank and GTCO increased to N2.43 trillion at the close of trading last Thursday as investors in these banks gained N35.82bn.
During the 4-day week, most of the FUGAZ banks enjoyed positive market sentiments and recorded gains while one bank recorded a decline.
According to data from the Nigerian Exchange (NGX), First Bank Holdings Nig. Plc gained N19.74 billion as its market capitalization grew from N269.21 billion to N288.96 billion at the end of the week, making up 11% of the FUGAZ capitalization.
United Bank for Nigeria Plc gained N1.71 billion as its market capitalization closed the week at N259.92 billion, with its share price closing the trading week at N7.55.
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UBA Plc, during the week, traded a total of 31,299,591 units valued at N234.00 million. The bank’s share volume depreciated by 36.68%, from 49.43 million traded last week.
GTCO Plc gained a total of N8.83 billion after market capitalization appreciated to N825.54 billion from N816.72 at the end of the week’s trading session.
The growth can be attributed to the increase in the share price, from N27.75 traded at the end of last week, to N28.05 at the close of business on Thursday, reflecting a growth of 1.1%.
During the trading week, investors traded a total of 39,987,992 units of the bank’s shares valued at N1.11 billion. In contrast with the volume traded last week, share volume for this week increased by 104.45% from 19.56 million.
Access Bank Plc’s share price appreciated by 2.2% from N8.95 to N9.15 at the end of the week as the market capitalization grew from N318.13 billion to N325.24 billion to close the week.
At the end of the week, investors had traded a total of 25,031,038 units of the bank’s shares valued at N228.02 million. The total volume traded for the week declined by 68.24%, from a total of 78.82 million traded in the previous week.
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Zenith Bank Plc lost N1.57 billion after its market capitalization depreciated to N736.25 billion from N737.82 billion at the end of the week. This decline can be attributed to the 0.2% decrease in its share price from N23.50 traded at the end of last week, to N23.45 at the end of this week.
A total of 33,200,973 units of the bank’s shares were traded during the week, valued at N777.85 million. The total volume, in comparison with the previous week, depreciated by 18.35%, from 40.66 million units traded last week.
The FUGAZ banks make up over 70% of the NSE Banking Sector Index, hence, strongly influence the growth or otherwise of the index.