FUGAZ investors lose a combined 12 billion naira during the week

The market capitalization of the top five banks, referred to as Tier 1 Banks or FUGAZ, appreciated by 0.53% to close at 2.21 trillion naira as of August 2, 2022, with investors in these banks earning a total of 11 naira. 72 billion during the trading week.

After 5 trading days of the week, 2 out of 5 Nigerian tier 1 banks experienced negative sentiment in the market with GTCO leading the losers while UBA, ACCESS and Zenith Bank enjoyed positive sentiment.

According to data from the Nigerian Stock Exchange (NGX), the market capitalization of the top five banks reached 2.21 trillion naira to appreciate by 0.53% during the week.

A summary of each bank’s performance is presented below.

FBNH API

  • FBNH’s share price fell 0.92% to end the week at 10.75 Naira, with a market capitalization of 385.87 billion Naira at the end of the week. In the midst of selling and buying interest, at the end of the trading week.
  • FBNH Plc’s first quarter 2022 result showed interest income rose 39.67% year-on-year to N109.45 billion, from N78.36 billion recorded in the same period of 2021. Similarly, profit after tax increased significantly by 107.63% year-on-year to reach 32.44 billion in the period under review.

UBA PLC

  • United Bank for Africa Plc’s share price appreciated 1.40% as its market capitalization closed the week at 247.95 billion naira to gain a total of 3.42 billion naira, with a share price of 7.25 naira.
  • UBA Plc released its first quarter 2022 financial statements, revealing that net interest income appreciated 14.10% to 84.87 billion naira from 74.38 billion naira, while total assets rose to 8.89 trillion naira from 8.54 trillion naira in December 2021.
  • Additionally, the company’s after-tax profit increased by 8.76% to N41.50 billion from N38.16 billion for the same period of 2021.

GT Holding Company Plc

  • GTCO Plc’s share price depreciated by 5.89 billion naira after its market capitalization fell to 582.73 billion naira from 588.62 billion naira at the end of the trading session. the week.
  • The drop can be attributed to its share price falling from N20 traded at the end of last week to N19.8 at the close of business, reflecting a decline of 1.0%.
  • The financial result for the first quarter of 2022 revealed that the Group recorded a 9.10% growth in net interest income from N52.43 billion recorded in the corresponding period of 2021 to N57.20 billion. naira for the current period. However, profit after tax depreciated by 5.13% to N43.21 billion in the current period.

Access Holdings Plc

  • Access Bank’s share price appreciated 6.1% to end the week at N8.7 and the market capitalization gained N17.77 billion to N309.24 billion. naira.
  • Access Bank Plc released its Q1 2022 financial result, which revealed a profit of N57.40 billion in the first quarter of 2021, reflecting an increase of 9.23%. The statement revealed that net interest income decreased by 7.03% from N93.96 billion to N87.36 billion in the current period.

Zenith Bank Plc

  • Zenith Bank ended the week flat as the share price remained at 21.9 Naira with a market capitalization of 687.58 billion Naira.
  • The bank’s first half 2022 financial result for the period ending March revealed that net interest income for the period increased by 184.74% to N184.74 billion from N159.94 billion. naira for the corresponding period of 2021.
  • However, profit after tax for the period recorded a growth of 4.75% from N106.12 billion in 2021 to N111.41 billion for the current period.

What you should know

  • The Nigerian Exchange Limited (NGX) closed a positive week as ASI rose 0.73% to close at 50,045.83.
  • FUGAZ banks make up more than 70% of the NSE banking sector index, thus strongly influencing whether or not the index grows; as a result, the NGX banking index rose 0.90% from 384.55 last week to close at 389.22 points.

Robert D. Coleman