The market capitalization of the top five banks, referred to as the Tier-1 banks or FUGAZ, decreased to N2.51 trillion at the close of business on November 19, 2021, as investors in these banks lost a total of N100.62 billion during the trading week.
After the 5 trading days of the week, all 5 tier-1 Nigerian banks suffered negative market sentiments, with GTCo leading the decline. According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks declined to N2.51 trillion to depreciate by 3.8% during the week.
A summary of the performance of each bank is captured below.
The share price of First Bank of Nigeria Holdings (FBNH) Plc depreciated to close the week at N11.55, losing N16.15 billion, and taking its market capitalization to N414.59 billion at the end of the week. Amid sell-offs and buy-interests, at the end of the trading week, FBNH share price depreciated by 3.7% from N12.00 to N11.55
During the week, investors traded 415,361,490 units of the bank’s shares valued at N5.11 billion, making the bank’s stock the most traded in volume and value amongst the FUGAZ.
The volume of shares traded appreciated by 80.07%, when compared to 230.67 billion units traded the previous week. The bank traded the highest number of shares in volume amongst the FUGAZ, trading its highest on Tuesday with 223.58 million units of shares, valued at N2.76 billion.
FBNH Plc’s third-quarter result is yet to be released.
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