BUSINESS

Market Capitalization Of FUGAZ Depreciates By 5.46% As At June 17

 

The market capitalization of the top five banks, referred to as the Tier-1 banks or FUGAZ, depreciated by 5.46% to close at N2.23 trillion as at 17th of June, 2022, as investors in these banks lost a total of N128.61 billion on the trading week.

NewBeatng reports that after 4 trading days of the week, all of the 5 tier-1 Nigerian banks suffered negative market sentiments, with FBNH Plc leading the decliners.

According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks dropped to N2.23 trillion, depreciating by 5.46% during the week.

United Bank for Africa Plc depreciated by 2.60% as its market capitalization closed the week at N256.50 billion losing a total of N6.84 billion w-o-w, with its share price standing at N7.50. The bank released its Q1 2022 financials, revealing that net interest income appreciated by 14.10% to N84.87 billion from N74.38 billion, while total assets grew to N8.89 trillion from N8.54 trillion in December 2021. In addition, the company’s profit after tax rose by 8.76% to N41.50 billion, up from N38.16 billion in the same period of 2021.

GT Holding Company Plc depreciated by N27.96 billion after its market capitalization declined to N619.53 billion from N647.49 billion at the end of the week’s trading session.The decline can be attributed to the decrease in its share price, from N22.00 traded at the end of last week, to N21.05 as at the close of business, reflecting a decrease of 4.32%.The Q1 2022 financial result revealed that the Group reported a growth of 9.10% in net interest income from N52.43 billion recorded in the corresponding period of 2021 to N57.20 billion in the current period. However, post-tax profit depreciated by 5.13% to N43.21 billion in the current period.

ALSO READ  Access Bank Depreciates By 1.17%, Loses N3.55bn Market Capitalization

Access Bank Plc’s share price depreciated by 5.10% to close the week at N9.30, and the market capitalization lost N17.77 billion to stand at N330.57 billion. The bank released its Q1 2022 financial result, which revealed a profit of N57.40 billion in Q1 2021, reflecting a 9.23% increase. The statement revealed that Net interest income declined by 7.03% from N93.96 billion to N87.36 billion in the current period.

Zenith Bank Plc lost N45.52 billion w-o-w after its market capitalization depreciated to N671.88 billion from N717.41 billion at the end of the week. This depreciation can be attributed to the 6.35% decline in its share price, from N21.40 traded at the end of last week, to N22.85 at the end of this week.The bank’s Q1 2022 financial result for the period ended March revealed that Net Interest income for the period grew by 20.89% to N100.54 billion from N83.17 billion in the corresponding period of 2021. However, post-tax profit for the period reported a growth of 9.68% from N53.06 billion in 2021 to N58.20 billion in the current period.

FBNH’s share price declined by 8.06% to close the week at N9.70, with its market capitalization at N348.18 billion at the end of the week. Amid sell-offs and buy-interests, at the end of the trading week, the bank’s share price stood at N9.70. Its Q1 2022 result showed that Interest Income grew by 39.67% Y-o-Y to N109.45 billion, from N78.36 billion recorded in the same period of 2021. Similarly, Profit after tax grew significantly by 107.63% Y-o-Y to N32.44 billion during the period under review.

ALSO READ  Dangote Oil Refinery, NCDMB Partner To Promote Research And Development In Oil Sector

NewsBeatng reports that the Nigerian Exchange Limited (NGX) closed negative week-on-week as ASI depreciated by 2.68% to close at 51,778.08.

It is right to note that the FUGAZ banks make up over 70% of the NSE Banking sector index, hence, strongly influencing the growth or otherwise of the index; hence, the NGX banking index dropped by 5.20% from 415.33 to close at 393.72 points.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button