Tier I banks stock performance in red, record negative returns
The Nigerian Stock Exchange All Share Index (NSE ASI) and the market capitalization appreciated by 0.14%.
The All Share Index closed for the day at 27,669.38 points while market capitalisation closed at 13.48 trillion.
With this performance, the Year-to-Date return stood at -11.96%.
Meanwhile, all the banks in the tier I category have negative year to date performance.
Access Bank Plc, the largest bank in Nigeria traded at N6.10 kobo as at yesterday.
The highest price commanded by the stock in 2019 was N7.15 while its lowest price was N5.30.
Zenith Bank Plc year to date performance is also negative, but its downward trend is stronger at negative 20.82%.
The stock traded at N18.25 kobo but has initially reached N26 in 2019 though it opened the year at N23.05
FBNH Plc year to date is also negative at 32.5%; the stock current price is N5.40, which incidentally is its lowest price in the year though it opened the season at N7.95 but hit year high at N8.45.
UBA year to date return is negative at 23.08%. The stock opened the year at N7.70 before it hits high point at N8.20 though it is trading at N6.60 mark; it had rocked the bottom at N5.50
GTB year to date return is negative. At 18.84%, the stock is trading at N28, though it hits bottom of the price pyramid at N27.90. The stock price at the beginning of the year was N34.45 kobo and it had touch N38.95 kobo.
Union Bank of Nigeria year to date performance is 23.21%. It means from the beginning of the year, the bank share price has increased by more than 23%.
UBN stock opened the year at N5.60 and it is currently trading at N6.90 having peaked at N7.50 before it hits opening price of N5.60.
At 21.05% year to date return, Sterling bank also yield positive returns for the investors. The stock is trading at N2.30 though it opened the year at N1.90. Its year high was N2.74 and the lowest price it had traded in 2019 was N1.90
Unity Bank Plc also burned value. Its year to date return is 26% negative. The stock is trading at N0.74 though it opened the year at N1.07. In-between, the stock reached N1.14 before it hit the wall at N0.58
Jaiz bank has a 19.23% negative year to date return. The stock opened the year at N0.50, hit the highest line at N0.65 before it retraced to N0.42 though it was at its lowest price at a bit lower price, N0.41.
Fidelity Bank returned negative year to date, at 21.18%.
The stock had reached N2.78 which was the highest price it commanded, but dropped to as low as N1.53 before it settled at its current price N1.60 though it opened the year at N2.03.
Trading at N1.61, FCMB year to date return is 10.56% negative.
The stock had peaked at N2.41 before it dropped low to N1.53. FCMB opening price was N1.89.
Wema bank return year to date 4.76% negative. The stock opened the year at N0.63 but hits highest price at N1.03 before it retraced to its year low of N0.53 as it is currently trading at N0.60 kobo.
ETI year to date return is 49.65% negative.
The share which opened the year at N14.00 is currently trading at N7.20. The stock had peaked at N15.00 before it receded to the year low of N7.20
Stanbic IBTC stock is also in the red. The bank’s year to date return 20.54% negative, though it opened the year at N47.95, it is currently trading at N38.10.
The share reached the highest price of N48.50 and its lowest has been N38.
Outlook on Sub-Saharan Sovereigns is Negative –Fitch Ratings
Equity market has been on decline as bears overstayed at the bourse.
Banking sector has also under-performed expectation as investors lost fortune.
Analysts however estimate that the coming days are going to be good and cheap shares prices still provide entry point for investors seeking returns.
Tier I banks stock performance in red, record negative returns
