FBN Holdings and UBA were the top gainers for the week as their share prices gained 12.1% and 11.6% respectively.

The NGX Banking Index gained 12.59% to close the week positive.
The market capitalization of the top five banks in Nigeria, otherwise known as the tier-1 banks or FUGAZ, appreciated by 10.48% to close the week at N3.01 trillion.

This surge is a result of new economic policies implemented by President Tinubu which saw the removal of Godwin Emefiele as CBN Governor and also the unification of the foreign exchange rate.

At the end of this week’s trading, FBN Holdings (12.1%), UBA Plc (11.6%), GTCO Plc (9.3%), Access Holdings (9.6%), and Zenith Bank (10.7%) all saw positive sentiments as Investors in these stocks gained N315.49 billion.

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

First Bank Holdings Plc
FBNH Plc was the best-performing stock in this group as its share price gained 12.1% to close the week at N15.80 per share as against N14.10 recorded last week.

The market capitalization gains N61.02 billion to close at N567.14 billion.

UBA Plc
UBA Plc’s share price rose by 11.6% to close the week at N11.1 per share as its market capitalization gained N39.33 billion to close at N379.61 billion.

GTCO Plc
GTCO Plc’s share price appreciated by 9.3% to close at N30.06 per share.

The market capitalization gained N76.52 billion to close at N900.59 billion for the week.

Access Holdings Plc
Access Holdings Plc’s share price gained 9.6% to close at N14.25 per share from N13.00 recorded last week.

Its market capitalization gained N44.43 billion to close the week at N506.52 billion.

Zenith Bank Plc
Zenith Bank gained N94.19 billion as market capitalization appreciated to N973.29 billion as against N879.10 billion recorded last week.

The bank crossed the N1 trillion mark in terms of market capitalization on Wednesday when its share price closed at N33.8.

However, the back-to-back losses NGX experienced on Thursday and Friday saw Zenith Bank’s valuation drop to N973.29 billion.

It still remains the most capitalized bank at the Nigerian Exchange. Its share price gained 10.7% from last week to close the week at N31.0 per share.

What You Should Know
The NGX All-Share Index and Market Capitalization appreciated by 5.49% to close the week at 59,000.96 and N32.126 trillion respectively.

The FUGAZ banks make up over 70% of the NGX Banking sector index, hence, strongly influencing the growth or otherwise of the index.

As the All-Share Index closed the week positive, the NGX Banking Index also gained 12.59% to close at 592.14 points as it was the best-performing index for the week.

Nairametrics