Investors In FUGAZ Stocks Gain N12.78 Billion During The Week

The market capitalization of the top five banks referred to as the Tier-1 banks increased to N2.42 trillion at the close of trade on Friday, September 17, 2021, as investors in these banks gained N12.78 billion during the trading week.

According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks appreciated by 0.5%, growing to N2.42 trillion during the week.

The gain can be attributed to the buy-interests witnessed in the share prices of most of the banks, during the five trading days. A summary of performance for each bank is captured below.

FBNH PLC

First Bank Holdings Nig. Plc lost N1.79 billion as its market capitalization declined from N271.01 billion to N269.21 billion at the end of the week, making up 11% of the Fugaz capitalization. Amid sell-offs and buy-interests, at the end of the five trading sessions for the week, FBNH share price depreciated from N7.55 to N7.50.

During the week, investors traded about 33,963,240 units of the bank’s shares valued at N254.54 million. The volume of shares traded depreciated by 88.26%, when compared to 289.18 million units traded the previous week.

The bank released their second-quarter result which revealed that Interest Income for the period decreased by 19.36%. However, net profit for the period reported a growth of 79.76% from N12.50 billion in Q2 2020 to N22.47 billion in Q2 2021.

UBA PLC
United Bank for Africa Plc remained unchanged as its market capitalization stood at N259.92 billion, with its share price closing the trading week at N7.60.

UBA Plc, during the week, traded a total of 49,425,845 units valued at N376.54 million. In comparison, the bank’s share volume depreciated by 8.28%, from 53.89 million traded last week.

UBA Plc released its Half-year financials revealing a 33.4% growth in profit before tax which rose to N76.2billion, up from N57.1billion in the same period of 2020. In addition, the company’s gross earnings appreciated by 5.0% to N316 billion from N300.6 billion, while total assets grew to N8.3 trillion from N7.7 trillion.

GT Holding Company Plc
GTCO Plc gained a total of N27.96 billion after market capitalization appreciated to N824.07 billion from N796.11 at the end of the week’s trading session.

The growth can be attributed to the increase in the share price, from N27.05 traded at the end of last week, to N28.00 at the close of business on Friday, reflecting a growth of 3.5%.

During the trading week, Investors traded a total of 19,560,404 units of the bank’s shares valued at N530.06 billion.

In contrast with the volume traded last week, share volume for this week decreased by 59.19% from 47.93 million.

The Group reported a decline of 15.2% in profit before tax from N109.7 billion recorded in the corresponding period of June 2020 to N93.1 billion in the current period. Also, post-tax profit depreciated by 15.76% from N94.27 billion in 2020 to N79.41 billion in the current period.

Access Bank Plc
Access Bank Plc’s share price depreciated by 2.2% from N9.20 to N9.00 at the end of the week as the market capitalization declined from N327.02 billion to N319.91 billion to close the week.

At the end of the week, investors had traded a total of 78,819,487 units of the bank’s shares valued at N732.35 billion. The total volume traded for the week declined by 66.65%, from a total of 236.31 million traded in the previous week. The bank traded the highest volume of shares amongst the FUGAZ, trading its highest on Thursday.

Access Bank Plc released its Q2 financial result for the year which recorded an improvement in gross earnings by 14 percent to N450.6 billion, while profit rose by 42.4 percent, surging from N61.03 billion in June 2020 to N86.94 billion in half year, 2021.

The bank has approved the payment of an interim dividend, to the tune of N0.30 to existing shareholders on the 29th of September, 2021.

Zenith Bank Plc
Zenith Bank Plc shares lost N6.28 billion after its market capitalization depreciated to N747.24 billion from N753.52 billion at the end of the week. This decline can be attributed to the 0.8% decrease in its share price from N24.00 traded at the end of last week, to N23.80 at the end of this week.

Hence, a total of 40,662,840 units of the bank’s shares were traded during the week, valued at N962.23 million. The total volume, in comparison with the previous week, depreciated by 16.18%, from 48.51 million units traded last week, making the bank’s stock the most traded in value amongst the FUGAZ during the week. The bank traded its highest number of shares on Friday at 9.95 million units valued at N235.60 million.

The bank released their second-quarter result which revealed that net Interest income for the period increased by 1.61%. However, post-tax profit for the period reported a slight growth of 2.21% from N103.83 billion in Q2 2020 to N106.12 billion in Q2 2021.

Zenith Bank has approved an interim dividend of N0.30 to be paid to shareholders on the 20th of September, 2021.

What you should know
The Nigerian Exchange Limited (NGX) closed positive week-on-week as ASI appreciated by 0.06% to close at 38,943.87.

The FUGAZ banks make up over 70% of the NSE Banking Sector Index, hence, strongly influence the growth or otherwise of the index.

The NGX Banking Index closed negative to decrease by 0.79% and closed at 370.21.