FUGAZ Investors Combined Gain Total Of N44 Billion Combined During The Week
FUGAZ Investors Combined Gain Total Of N44 Billion Combined During The Week
The top five banks’ market capitalization, often known as the Tier-1 banks or FUGAZ, increased by 2.23% to close at N2.00 trillion as of October 14th, 2022, despite the fact that investors in these banks lost a combined N43.58 billion during the trading week.
ALSO, READ FUGAZ Investors Lose A Total Of N88 Billion Over The Week
Four of the five tier-1 Nigerian banks had positive market sentiment after four trading days of the week, with GTCO leading the gainers and FBNH the only bank to have a negative mood.
According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks rose to reach N2.00 trillion to appreciate by 2.23% during the week.
A summary of the performance of each bank is captured below.
- FBNH PLC
FBNH’s share price depreciated by 9.09% to close the week at N9.00, with its market capitalization at N323.06 billion at the end of the week. Amid sell-offs and buy-interests, at the end of the trading week.
FBNH Plc’s 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.
FUGAZ Investors Combined Gain Total Of N44 Billion Combined During The Week
- UBA PLC
United Bank for Africa Plc appreciated by 4.48% as its market capitalization closed the week at N234.27 billion to gain a total of N10.26 billion w-o-w, with its share price standing at N6.85.
UBA Plc released its H1 2022 financials, revealing that net interest income appreciated by 19.85% to N177.46 billion from N146.07 billion, while total assets grew to N9.00 trillion from N8.54 trillion in H1 2021. In addition, the company’s profit after tax rose by 16.00% to N70.33 billion, up from N60.58 billion in the same period of 2021.
ALSO, READ NGX Closes Positive With N117 Billion Increase In Market Cap
- GT Holding Company Plc
GTCO Plc appreciated by N29.43 billion after its market capitalization grew to N528.29 billion from N498.86 billion at the end of the week’s trading session.
The growth can be attributed to the increase in its share price, from N16.95 traded at the end of last week, to N17.95 at the close of business, reflecting an increase of 5.90%.
The H1 2022 financial result revealed that the Group reported a growth of 14.64% in net interest income from N102.34 billion recorded in the corresponding period of 2021 to N117.33 billion in the current period. However, post-tax profit depreciated by 2.34% to N77.56 billion from N79.41 billion in the current period.
- Access Bank Plc
Access Bank Plc’s share price appreciated by 5.26% to close the week at N8.00 and the market capitalization gained N14.22 billion to stand at N284.36 billion.
Access Bank Plc released its H1 2022 financial result, which revealed a profit of N88.82 billion from the amount in H1 2021, reflecting a 2.21% increase. The statement revealed that interest income rose by 22.51% from N279.59 billion to N342.53 billion in the current period.
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- Zenith Bank Plc
Zenith Bank Plc gained N21.98 billion w-o-w after its market capitalization appreciated to N627.93 billion from N605.95 billion at the end of the week. This growth can be attributed to the 6.63% growth in its share price, from N19.73 traded at the end of last week, to N20.00 at the end of this week.
The bank’s H1 2022 financial result for the period ended March revealed that Interest income for the period grew by 18.5% to N242 billion from N203.93 billion in the corresponding period of 2021. However, post-tax profit for the period reported a growth of 5% from N106.12 billion in 2021 to N111.41 billion in the current period.
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