Tier-1 Banks Market Value Declines to N4.8Trn
Sell pressures on Nigerian big banks dragged their combined market valuation lower to about N4.8 trillion at the end of the just concluded week, data tracked by MarketForces Africa has revealed.
With mixed activities seen from both the sell and buy side equities traders in the Nigerian Exchange, Tier-1 banks combined market value declined to N4.747 trillion in the market on Friday.
The ravaging sell side trading activities on the banking index gained momentum following 70% windfall tax, cutting back on the combined market valuation of the big players.
The results was mixed, as four out of five local deposit money banks in the Tier-1 category saw negative price movements, according to data from the Nigerian Exchange (NGX)
Zenith, UBA, FBNH and Access recorded weekly price depreciation, though selloffs wasn’t sharp to shift their combined market value lower significantly.
Orange branded financial services company, GTCO Plc, 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 group ended trading session on Friday at N1.353 trillion after it market price surged to N46.
The financial services company is trading at 14.74% discount to its 52-week at the close of trading session on Friday amidst 9 billion shares offered for subscription at N44.50.
Zenith Bank Plc dipped to N1.193 trillion at the just concluded week due to a marginal price depreciation from N38.85 to N38 per share in the local bourse. The bank share is now trading at 19.74% discount to its 52-week high amidst N290 billion capital raise via rights and public offers.
UBA Plc’s market value settled at about N768 billion on Friday due to a price contraction of 15 kobo over the past week in the stock market. The company opened the week at N23 per share but ended at N22.55 on Friday.
UBA is trading at 33.97% discount to a 52-week high as of Friday’s close.
Access Holdings ended the week at total market valuation worth N680.691 billion following sell offs which dragged its stock price lower to N19.15 from N19.60 at the beginning of the week.
At the current stock market price, Access Holdings Plc is trading at 37.62% 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 N752.006 billion in the stock market following sell side activities on the elephant branded financial services group. Its share price declined to N20.95 in the market from N22.50 at the beginning of the week – exhibiting actual market temperature.
Ticker: FBNH is trading at more than 52.33% to its 52 weeks after a persistent price decline amidst ongoing battle between the group and Barbican Capital over shareholdings.
The financial stock had peaked at N43.95 during a good time on the Nigerian Exchange before it retreated. #Tier-1 Banks Market Value Declines to N4.8Trn
