FUGAZ Investors Gain N59.66 Billion Combined During The Week

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The market capitalization of the top five banks, referred to as the Tier-1 banks or FUGAZ, appreciated by 2.72% to close at N2.25 trillion as of the 5th of August, 2022, as investors in these banks gained a total of N59.66 billion during the trading week.

After 5 trading days of the week, four out of the five tier-1 Nigerian banks enjoyed positive market sentiments while only FBNH saw a negative sentiment.

According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks grew to N2.25 trillion as it appreciated by 2.72% during the week.

FUGAZ Investors Gain N59.66 Billion Combined During The Week

A summary of the performance of each bank is captured below.

FBNH PLC

  • FBNH’s share price lost 0.45% to close the week at N10.95, with its market capitalization at N393.05 billion at the end of the week. Amid sell-offs and buy-interests, at the end of the trading week, FBNH lost N1.79 billion during the 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.

UBA PLC

  • United Bank for Africa Plc appreciated by 0.69% as its market capitalization closed the week at N247.94 billion to gain a total of N1.71 billion w-o-w, with its share price standing at N7.25.
  • UBA Plc 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

  • GTCO Plc appreciated by N3.78 billion as its market capitalization increased to N606.28 billion from N584.20 billion at the end of the week’s trading session.
  • The growth can be attributed to the increase in its share price, from N19.85 traded at the end of last week to N20.6 as at close of business, reflecting a decrease of 3.78%.
  • 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.

Access Bank Plc

  • Access Bank Plc traded flat as its share price remained unchanged. The Bank’s market capitalization stood at N319.90 at the end of the week.
  • Access Bank Plc 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

  • Zenith Bank Plc lost N45.52 billion w-o-w after its market capitalization depreciated to N651.48 billion from N697.00 billion at the end of the week. This depreciation can be attributed to the 6.53% decline in its share price, from N22.20 traded at the end of last week, to N22.75 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.

The Nigerian Exchange Limited (NGX) closed positive week-on-week as ASI appreciated by 0.70% to close at 50,722.33.

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 increased by 0.06% from 379.85 to close at 388.17 points.