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The market capitalization of the top five banks, referred to as the Tier-1 banks decreased to N2.43 trillion at the close of business, on Friday, August 6, 2021, as investors in these banks lost N31.56 billion during the trading week, making it the second consecutive week FUGAZ stocks have closed negative.

According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks declined by 1.3% during the week to close at N2.43 trillion.

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

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FBNH PLC

First Bank Holdings Nig. Plc lost a total of N3.59 billion after its market capitalization declined from N265.63 billion to N262.04 billion at the close of business on Friday.

The decline is due to the depreciation in its share price which closed at N7.30, losing about 1.4% at the end of the week.

During the week, investors traded about 49,606,561 units of the bank’s shares valued at N364.77 million, making the bank’s stock the most traded stock amongst the FUGAZ. The bank traded the highest number of shares on Friday at 27.28 million units. The volume of shares traded appreciated by 35.28%, when compared to 36.67 million units traded the previous week.

The bank released its 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 N3.42 billion as its market capitalization depreciated from N259.92 billion to N256.50 billion, due to the decrease in its share price from N7.60 to N7.50, reflecting a decline of 1.3%.

UBA Plc, during the week, traded a total of 48,568,602 units valued at N365.90 million at the close of the market on Friday.

In comparison, the bank’s share volume depreciated by 25.69%, from N65.36 million traded last week.

UBA Plc is yet to release its second-quarter financial statements for Q2 2021.

GT Holding Company Plc

GTCO Plc lost a total of N14.72 billion after its market capitalization depreciated to N824.07 billion at the end of Friday’s trading session.

The decline can be attributed to the decrease in the share price, from N28.50 traded at the end of last week, to N28.00 at the close of business on Friday, reflecting a drop of 1.80%.

During the trading week, investors traded a total of 45,496,553 units of the bank’s shares valued at N1.29 billion, making the bank the most traded stock in value amongst the FUGAZ during the week.

In contrast with the volume traded last week, share volume for this week decreased by 17.30% from 55.02 million.

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