Tier-1 Banks Market Value Slides to N4.4 Trillion -MarketNews
Nigerian big banks market value settled at N4.4 trillion on Friday amidst sell pressure in the local exchange. The combined valuation of these Nigerian top lenders was a result of mixed share price movements in the last five trading sessions.
GTCO’s market capitalisation declined to #1.175 trillion. The financial services group share price closed the week at N39.95 amidst selloffs I’m equities market. Its share opened the week at N40, versus a 52 weeK hgh of #53.95.
GT ranks higher in terms of earnings performance in the banking sector and the company is considered as the best money making machine compared with its peers. Zenith Bank PLC is doing well on its own with strong capital adequacy ratio and rock solid earnings performance.
Last week, Zenith Bank gained 25 kobo to close at #33.25 on Friday. The small gain lifted the bank equities market value to about #1.044 trillion. But it’s still trading at discount to its 52 week high in the stock market.
Zenith Bank was among volume drivers on the Nigerian Exchange last week. Transactions on the stock has been heavy but with minimal positive swing.
Still, FBN Holdings has been knocked out from the big league on the Nigerian Exchange. The financial services group stock price closed at N23 on Friday on the exchange after losing 45 lobo week on week.
Negative share price movement dragged FBN Holdings market value backward to about N826 billion. In its latest earnings scorecard, FBN Holdings is the only Tier 1 bank that recorded FX losses… suggesting strong FX liabilities carriage on the balance sheet.
UBA PLC ended the week in red. The market price of the pan-African lender’s share fell to N21 on Friday on the Nigerian Exchange. Share volume transacted in the market was also heavy. At the close of trading sessions, UBA market valuation shrank to N718 billion in the local bourse. Analysts said UBA PLC is enjoying pan-African markets, helping the group in earnings Diversification.
Access Holdings PLC share price surged to N17.25 on Friday, registering marginal weekly gain of 5 kobo. The largest Nigerian lender market value then increased to N613 billion. This makes Access smaller in terms of market valuation in the Tier 1 bank category on NGX
