Although the Nigerian Exchange Group (NGX) closed negative week-on-week as the ASI depreciated by 0.57% to close at 37,994.19, the FUGAZ banks, also known as the Tier-1 banks appreciated in market capitalization by 2.6% from N2.44 trillion to N2.51 trillion to close the week.
The FUGAZ comprises FBNH Plc, UBA Plc, GT Holding Company, Access bank Plc and Zenith Bank Plc.
Four of the five banks listed appreciated in price week-on-week, with FBNH, Access and Zenith recording a growth of 4.1%, 5.8% and 4.0% to close the week at N7.70, N9.10 and N24.95, respectively; while UBA Plc appreciated by 2.0% to close at N7.50.
Due to the banks’ performance at the end of the trading week, the NGX Banking Index appreciated by 3.29% to close at 382.94 points. These banks make up over 70% of the NGX banking sector index, hence, they strongly influence the growth or otherwise of the index.
FBNH PLC has a market capitalization of N276 billion. During the week, First Bank Holding Plc closed positive thrice out of the 5 trading days of the week.
The bank closed positive on Monday, Wednesday and Thursday and remained unchanged on Tuesday and Friday, trading a total of 129,901,258 units of shares during the week.
UBA Plc has a market capitalization of N256 billion. During the week, the bank closed positive on Monday and Tuesday, while on Wednesday and Thursday, the share price took a reverse to close both days negative. The price remained unchanged on Friday.
The bank traded a total of 60,232,778 units of shares during the week.
GT Holding Company Plc
Guaranty Trust Holding Company Plc has a market capitalization of N866 billion. During the week, the company closed positive on Wednesday and Friday but closed negative on Monday and Thursday. The share price remained unchanged on Tuesday.
Guaranty Trust Holding Company traded a total of 63,693,210 units of shares during the week.
Access Bank Plc
Access Bank Plc has a market capitalization of N323 billion. During the week, the bank closed positive for four days, on Monday, Tuesday, Wednesday and Friday. It, however, closed negative on Thursday.
The bank traded a total of 67,793,717 units of shares during the week.
Zenith Bank Plc
Zenith Bank Plc has a market capitalization of N783 billion, which increased by N29 billion at the end of the week. During the week, Zenith Bank Plc closed 3 days positive on Monday, Tuesday, Wednesday, remained unchanged on Thursday and closed negative on Friday.
The bank traded a total of 86,425,022 units of shares during the week.