Nigerian Top 5 Banks Now Worth N5.2trn or $3.23bn
In the equities market, investors placed about N5.2 trillion as the combined market value or worth of the Nigerian top five banks listed on the Nigerian Exchange. This is equivalent to $3.23 billion when converted at the exchange rate of N1600 per US dollar.
Investors traded banking stocks with caution ahead of the third quarter of financial year 2024 earnings release by the big lenders. Due to portfolio rebalancing, the banking index fell slightly, according to details from the local bourse.
Analysts said Nigerian lenders with a better earnings outlook, low key man risks, and a strong dividend track record will continue to attract buying interest. In a week, these big head banks recorded net capital appreciation of about N2.45 billion, with two recording gainers and one loser, while two closed flattish.
Data from the Nigerian Exchange showed that GTCO Plc maintained lead as the largest by market valuation, which printed at N1.471 trillion on Friday. The share price of GTCO increased by N29.431 billion last week, closing the trading session at N50 after opening at N49.
Meanwhile, the orange branded financial services was followed by Zenith Bank Plc, Ajose Adeogun based financial services company. Zenith Bank Plc, who was at the top of the rank was valued at N1.175 trillion in the equities market having traded flat week on week at unit price of N37.5.
From behind, FBN Holdings has returned to third position in the Tier-1 banking category. Last week, FBN Holdings closed flattish as investors pause after the group announced plan to change name, declare dividend at schedule shareholders meeting in Nov.
At the close of trading session on Friday, the marina based elephant branded financial warehouse saw it market value at N933.277 billion. UBA was the sole loser among the tier-1 banks in the equities market.
The pan-African lender lost about N38 billion due to negative price movement. At the end of the trading session, UBA market value printed at N868.665 billion ahead of its third quarter earnings release.
Access Holdings, the largest by total asset, is the lowest in term of market valuation. On Friday, the Nigerian Exchange was priced at N710.904 billion amidst dividend payment.
In the market, Access Plc had seen a marginal increase in demand for the bank stock on the back of its latest 45 kobo interim dividend payment to shareholders. #Nigerian Top 5 Banks Now Worth N5.2trn or $3.23bn Royal Exchange Dips by N579m to N5.621 Billion
