Nigerian Big Banks Market Value Expands to N4.54 Trillion
The market value of Nigerian big banks increased moderately to approximately N4.54 trillion, according to data from the Nigerian Exchange (NGX), due to week-on-week positive price movements.
Three banks recorded weekly gain versus two decliners, albeit, movement trend wasn’t sharp enough to shift their combined market value significantly. GTCO ranks stronger, while FBN Holdings remains the most volatile stock trading at steep discount that its peers.
Data from the local bourse suggests that the tier-1 lenders are trading at a steep discount to their respective 52-week high stock market performance amidst expectation of their earnings release.
GTCO Plc still ranked ahead of its rival lenders in terms of market value. The orange branded financial services group ended trading session on Friday at N1.324 trillion after it market price surged to N45.
The financial services company is trading at 16.60% discount to its 52-week amidst 9 billion shares offered for subscription at N44.50.
Zenith Bank Plc climbed to N1.130 trillion at the just concluded week due to a marginal increase in share price from N35.85 to N36. The bank share is now trading at 23.97% discount to its 52-week high amidst N2890 billion capital raise via rights and public offers.
UBA Plc market value settled at about N686 billion on Friday due to last moment gain in the stock market. The company opened the week at N21.05 per share but ended at N20.05 on Friday after it recoiled from N19.80 in the previous day.
UBA is trading at 39.70% discount to 52-week high as of Friday’s close. Access Holdings ended the week at total market valuation worth N661.114 billion following moderate buying interest which pushed its stock price to N18.6 from N18.5 at the beginning of the week.
At the current stock market price, Access Holdings Plc is trading at 39.41% below its 52-week high. The share price of the financial services group had climbed to N30.7 before it retreated.
FBN Holdings Plc is worth N735.85 billion in the stock market following a moderate price decline week on week. The elephant branded financial services group is trading at about 53.4% to 52 weeks after a persistent price decline.
The financial stock had peaked at N43.95 during a good time on the Nigerian Exchange before it retreated. #Nigerian Big Banks Market Value Expands to N4.54 Trillion #Liquidity: Banks Drive Yield Surge with T-Bills Selloffs
