Nigeria Top Big Banks Market Value Falls to N7.6 Trillion
Top big banks combined market value declined to about N7.6 trillion in the equities segment of the Nigerian Exchange, NGX, according to transaction details reviewed by MarketForces Africa, with two of these top lenders yet to release their capital raise results.
In the just concluded week, all the banks in the tier-1 category saw their combined market value nosediving by more than N40.666 billion, reflecting equities investors weak sentiment on the exchange.
The negative price movement caused the banking index to decline week on week, though Zenith Bank Plc closed flattish week on week. Most of the top lenders have relayed information their 2024 earnings would be delayed, according to regulatory filings.
However, GTCO surged by 2.5% to N2.082 trillion following a block deal consummated off market last week. In the last five trading sessions, GTCO recorded a N51.205 billion gain on NGX.
Zenith Bank was flattish week on week despite foreign investors’ interest in the financial services company’s share. Its market value printed at N1.963 trillion on Friday as a unit price of N47.80.
Sell pressure witnessed by the remaining three of the Nigerian lenders dragged the market value of all the players in the tier-1 category down by N40.663 billion week on week. Access Plc fell by about 24 billion to close at N1.247 trillion in the local bourse. Its share price fluctuated and settled at N23.40 on Friday.
Also, the market value of UBA Plc dropped to N1.251 trillion as investors exited some positions ahead of the group’s earnings release. UBA market value is expected to match up after its capital raise announcement, stockbrokers said. Its share price settled at N36.60 in the equities market, down by 3.3% from N37.85.
Week on week, UBA lost about N43 billion to close at N1.25 trillion, trading at a fair discount to its 52-week high. FBN Holdings Plc’s market value also reduced. The oldest listed banking group was valued at N1.026 trillion on Friday following sell pressure that yanked off more than N25 billion from its market value.
The banking stocks have stabilised on the back of reduced selloffs as internal pressures eased. The market value of all the big banks is expected to rise after UBA, and FBN Holdings release their capital raise results. #Nigeria Top Big Banks Market Value Falls to N7.6 Trillion#
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