FUGAZ investors earn more than 151 billion naira in week of trading – Nairametrics
The market capitalization of the five largest banks, known as Tier 1 banks or FUGAZ, rose to 2.61 billion naira at the close of business on December 10, 2021, with investors in these banks earning a total of 151.03 nairas. billion during the trading week.
After 5 trading days of the week, all 5 Nigerian Tier 1 banks benefited from positive sentiment in the market, with GTCO leading the growth.
According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks reached 2.61 trillion naira to appreciate 6.1% during the week.
A summary of each bank’s performance is presented below:
The FBNH share price appreciated by 0.8%, from N 11.80 to N 11.90, gaining N 3.59 billion and bringing its market capitalization to N 427.15 billion at the weekend. During the week, investors traded 1,198,702,662 units of the bank’s stock valued at N13.69 billion, making the bank’s stock the most traded share by volume and value.
The volume of shares traded appreciated by 340.75%, compared to 271.97 million units traded the previous week. The bank traded the highest number of shares by volume among FUGAZ, trading its highest on Wednesday at 441.93 million share units, valued at 5.04 billion naira.
FBNH Plc’s third quarter 2021 result showed that interest income fell 12.63% year-on-year to N260.12 billion, from N297.71 billion recorded in the same period of 2020. Likewise, net interest income fell 15.45% year-on-year to 162.96 billion naira. , compared to 192.74 billion naira recorded in the corresponding period last year. Profit after tax decreased significantly by 40.15% year-on-year to 40.79 billion naira during the period under review.
United Bank for Africa Plc appreciated 1.9% as its market cap closed the week at 275.31 billion naira, with its share price standing at 8.05 naira. The bank traded a total of 69,161,946 units valued at N 534.98 million at the end of the trading day.
By comparison, the bank’s share volume appreciated 83.55%, compared to 37.68 million traded last week. UBA Plc released its financial statements for the third quarter of 2021, showing that net interest income appreciated 23.25% to N229.27 billion from N186.02 billion, while total assets rose to 8 , N35 trillion from N7.7 trillion. In addition, the company’s after-tax profit increased by 35.61% to N104.60 billion, from N77.13 billion in the last year. same period of 2020.
GT Holding Company Plc
GTCO Plc gained a total of 70.63 billion naira, after its market cap appreciated to 779.93 billion naira from 709.29 billion naira at the end of the trading session of the week.
The growth can be attributed to the increase in its share price from N26.50 traded at the end of last week to N24.10 at close of business, reflecting a 10.00% increase.
During the trading week, investors traded a total of 100,006,386 units of the bank’s stock, valued at 2.42 billion naira. Unlike the volume traded last week, the stock volume for this week was down 0.08% from 100.09 million.
In the third quarter of 2021, the Group announced a 7.48% drop in interest income, from 74.52 billion naira recorded in the corresponding period of September 2020 to 68.94 billion naira for the period. current. However, after-tax profit has appreciated by 4.11%, from N 48.01 billion in 2020 to N 49.99 in the current period.
Access Bank Plc
Access Bank Plc’s share price rose 2.8% to close the week at 9.15 Naira, and the market cap stood at 325.24 billion Naira.
By the end of the week, investors had traded a total of 131,802,090 units of the bank’s stock valued at 1.20 billion naira. Total volume traded for the week increased 33.58%, compared to a total of 98.67 million traded the week before.
Access Bank Plc released its financial result for the third quarter of 2021 which showed a decrease in net interest income of 3.43% to N67.66 billion, while profit after tax fell 9.11% from N38.46 billion in September 2020 to N34.95 billion in September 2021.
Zenith Bank Plc
Zenith Bank Plc earned 62.79 billion naira after its market cap appreciated to 800.61 billion naira from 737.82 billion naira at the end of the week. This appreciation can be attributed to the 8.5% drop in its share price, from N23.50 traded at the end of last week, to N25.50 at the end of this week.
As a result, a total of 65,415,660 units of the bank’s stock were traded during the week, valued at 1.58 billion naira. The total volume, compared to the previous week, depreciated 29.41%, against 92.68 million units traded last week.
The bank released its nine-month financial result for the period ended September, which revealed that interest income for the period fell 3.13% to N308.84 billion from N318.82 billion. during the corresponding period of 2020. However, profit after tax for the period registered a marginal growth of 0.80%, from 159.32 billion naira in 2020 to 160.59 billion naira during the period. current period.
What you should know
The Nigerian Exchange Limited (NGX) closed negative on a week-over-week basis, with ASI depreciating 0.68% to close at 41,882.97.
FUGAZ banks represent more than 70% of the NSE banking sector index, therefore strongly influence the growth or not of the index; therefore, the NGX banking index closed negatively to depreciate 5.55% and close at 402.71