UBA, ACCESS, F-Banks Rally Shifts Banking Index Up
Sustained demand for UBA, Access Holdings, and Nigerian 3-F banks (FBNH, FCMB, and Fidelity Bank) heated up the banking index as the Nigerian Exchange gained further.
The surging interest in banking names came at the time the Central Bank nudged benchmark interest rate higher by additional 50 basis points.
Also, UBA and Access Holdings helped driving the momentum. Ahead of its rights issue, UBA market price increased by +4.53%) while ACCESSCORP surged by +1.84%.
FBN Holdings kick started process of recouping previous after the financial services group announced divestment of its merchant business.
FCMB became investors toast after its capital raising exercise, supported by an improved sentiment. A similar event shared by Fidelity Bank whose share price has continued to maintained an uptrend.
Stock analyst said momentum in banking tickers, drove the Banking Index up by 3.01%, led by strong performances in FBNH, up by +9.93% and FIDELITYBK rose by +9.70% while FCMB gained 2.7%.
FBN Holdings has gained N3.50 in the last two days, up from N27.50 to N31, with total market capitalization ending at N1.112 trillion. In two days, FCMB has gained N1 or 10% to settle at N9, and its market value reached N178.223 billion in the equities market.
Fidelity Bank has gained N2.80 over two days in the equities market, up from N13.60 at the close of trading session last week to N16.40. Its total market value has surged to N525 billion.
Access Holdings, Nigeria’s largest banking group by total asset currently above N36 trillion has total market value of less than N700 billion.
Ahead of its rights issues to shareholders, UBA shares have surged higher, and stockbrokers said improved sentiment could drive the pan African lender price upward as the market prepares for the third quarter’s earnings.
#UBA, ACCESS, F-Banks Rally Shifts Banking Index Up Naira Rises against US Dollar Ahead of Sept. FX Auction

