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FUGAZ banks stocks investors lose N31.56 billion during the week

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.

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.

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