FUGAZ investors stocks lose N30.02 billion in the previous week.

The market capitalization of the top five banks, referred to as the Tier-1 banks decreased to N2.41 trillion at the close of business on the 10th of September 2021 as investors in these banks lost N30.02 billion during the trading week.

According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks declined to N2.41 trillion, a depreciation of 1.2% during the week.

The loss can be attributed to the sell-off witnessed in the share prices of most of the banks, during the five trading days.

A summary of the performance of each bank is captured below.

FBNH PLC

First Bank Holdings Nig. Plc gained N1.79 billion as its market capitalization grew from N269.21 billion to N271.01 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-day trading session, FBNH share price appreciated from N7.50 to N7.55.

During the week, investors traded about 289,184,146 units of the bank’s shares valued at N2.16 billion. The volume of shares traded appreciated by 683.90%, when compared to 36.89 million units traded the previous week, making the bank’s stock the most traded in volume amongst the FUGAZs during the week. The bank traded its highest number of shares on Thursday of 97.73 million units valued at N729.64 million.

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 Nigeria Plc lost N5.13 billion as its market capitalization depreciated from N265.05 billion to N259.92 billion, due to the decrease in its share price from N7.75 to N7.60, reflecting a decline of 1.9%.

UBA Plc, during the week, traded a total of 53,887,323 units valued at N409.26 million at the end of the trading day.

In comparison, the bank’s share volume appreciated by 59.96%, from 33.69 million traded last week.