FUGAZ loses but FBNH gains N1.79b
By Jeph Ajobaju, Chief Copy Editor
FBN Holdings (FBNH), the holding company of FirstBank, gained N11.10 in share price which amounted to N1.79 billion and took its market value to N398.44 billion in the first week of November.
However, the total market capitalisation of the top five banks (Tier-1 banks or FUGAZ), dipped to N2.63 trillion as their investors lost N36.99 billion in the trading week.
FUGAZ is the acronym for Nigeria’s five biggest banks by market capitalisation – FBN Holdings, UBA, Guaranty Trust Bank, Access Bank, and Zenith Bank.
Three of them suffered negative market sentiments. Zenith Bank led the decline.
Data from the Nigerian Exchange (NGX) shows the market capitalisation of FUGAZ slashed 1.4 per cent to N2.63 trillion during the week, per Nairametrics reporting.
FBNH
The share of FBNH appreciated to N11.10 and gained N1.79 billion that shot its value to N398.44 billion. Amid sell-offs and buy-interests, at the end of the trading week, FBNH share price appreciated 0.5 per cent from N11.05 to N11.10.
Investors traded 188,770,363 units of its shares valued at N2.01 billion, making the bank’s stock the most traded in volume and value among FUGAZ.
The volume of shares traded depreciated 73.73 per cent against 718.65 billion units traded the previous week.
FBNH traded the highest number of shares volume among FUGAZ, trading its highest on November 3 with 58.61 million units worth N614.76 million.
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UBA
United Bank for Africa declined in value by N5.13 billion as its market capitalisation closed the week at N288.99 billion and its share price at N8.45.
It traded a total 104,643,671 units valued at N886.57 million. Share volume depreciated 8.06 per cent from 113.81 million traded the previous week.
UBA disclosed in its financials for the third quarter of 2021 (Q3 2021) that net interest income appreciated 23.25 per cent to N229.27 billion from N186.02 billion (Q3 2020) and total assets grew to N8.35 trillion from N7.7 trillion.
Profit after tax (PAT) rose 35.61 per cent to N104.60 billion, up from N77.13 billion in Q 3 2020.
GT Holding Company
GTCO lost N13.24 billion after its market capitalisation depreciated to N829.96 billion from N843.20 billion.
The decline can be attributed to the decrease in its share price from N28.65 traded at in the previous week to N28.20 which was a decline of 1.60 per cent.
Investors traded a total 31,620,804 units of shares valued at N896.66 million. Share volume declined 53.62 per cent from 68.17 million the previous week.
The GTCO Group reported a decline of 7.48 per cent in interest income from N74.52 billion in Q3 2020 to N68.94 billion in Q3 2021. However, PAT grew 4.11 per cent from N48.01 billion (Q3 2020) to N49.99 billion (Q3 2021).
Access Bank
Access Bank share price remained unchanged to close the week at N9.50 while the market capitalisation stood at N337.68 billion.
Investors traded a total 57,144,582 units of shares valued at N536.13 million. The volume traded declined 31.06 per cent from 82.88 million the previous week.
The financials of Access Bank for Q3 2021 show a decline in net interest income by 3.43 per cent to N67.66 billion, PTA dipped 9.11 per cent to N34.95 billion from N38.46 billion in Q3 2020.
Zenith Bank
Zenith Bank lost N20.41 billion after its market value depreciated to N772.35 billion from N792.76 billion the previous week – attributed to 2.6 per cent decline in share price from N25.25 the previous week to N24.60.
A total 56,142,141 units of shares valued at N1.40 billion were traded. The total volume appreciated 58.72 per cent from 35.37 million the previous week.
Zenith Bank’s results for Q3 2021 show a decline in interest income by 3.13 per cent to N308.84 billion from N318.82 billion in Q3 2020. Post tax profit rose 0.80 per cent to N160.59 billion from N159.32 billion in Q3 2020.
Drop in All-Share Index
The All-Share Index dropped from 42,038.6 points the previous week to 42,014.5, representing a 0.06 per cent decline.
FUGAZ accounts for over 70 per cent of the NSE Banking Sector Index, hence its strong influence in the growth or decline of the index.
The Banking Sector Index appreciated 0.66 per cent to 403.27 points.