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Business News of Friday, 10 June 2022

Source: www.nairametrics.com

Tier-1 Nigerian banks lose combined market value of N28 billion in one day

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As the local bourse, the Nigerian Exchange Group (NGX), closes negative for the second consecutive trading day, quoted Tier-1 banks lost a combined market value of N28.35 billion in a day, weighing down the stock market’s overall performance.

The performance of these banks, which are the most capitalized banks on the NGX, resulted in a decline of 1.20% in the NGX Banking sector, day-on-day.

The decline recorded in the banking index was driven mainly by Access Corp Plc, Zenith Bank Plc, GTCO Plc and United Bank for Africa Plc which depreciated by 0.51%, 2.35%, 0.89%, and 1.28% respectively. FBNH Plc, however, remained unchanged at the end of the trading session.

Stock performance summary

Access Corp Plc

The share price of Access Corp Plc, the parent company of Access Bank, depreciated from N9.80 to N9.75, reflecting a decrease of 0.51% at the end of the day’s trading session.

The decrease in share prices of the company reflected in the decline of the market capitalization from N348.34 billion to N346.57 billion bringing the loss to N1.78 billion in market capitalization at the close of trading activities on the Nigerian Stock Exchange.

The shares of Access Corp have appreciated by 4.84% from year-to-date, starting the year at N9.30 and currently traded at N9.75. However, the shares of the company have returned about 20.37% gains for investors who bought them at their 52-week low trading price of N8.10 per share.

Zenith Bank Plc

Zenith Bank Plc’s share price declined from N23.40 to N22.85, reflecting a decline of 2.35% at the end of the trading session.

The decrease in share prices took the market capitalization down from N734.68 billion to N717.41 billion resulting in a loss of N17.27 billion in market capitalization at the close of trading activities on the Nigerian Stock Exchange.

The shares of the bank have depreciated by 9.15% from year-to-date, starting the year at N25.15 and currently traded at N22.85. However, the shares of the company have returned about 3.86% gains for investors who bought them at their 52-week low trading price of N22.00 per share.

GTCO Plc

GTCO Plc’s share price declined from N22.40 to N22.20, reflecting a decline of 0.89% at the end of the trading session.

The decrease in share prices took the market capitalization down from N659.26 billion to N653.37 billion resulting in a loss of N5.89 billion in market capitalization at the close of trading activities on the Nigerian Stock Exchange.

The shares of the group have depreciated by 14.62% from year-to-date, starting the year at N26.00 and currently traded at N22.20. However, the shares of the company have returned about 3.50% gains for investors who bought them at their 52-week low trading price of N21.45 per share.

UBA Plc

United Bank for Africa Plc’s share price depreciated from N7.80 to 7.70, reflecting a decline of 1.28% at the end of the day’s trading session.

The decline in the share price of the bank took the market capitalization from N266.76 billion to N263.34 billion bringing the loss to N3.42 billion in market capitalization at the close of trading activities on the Nigerian Stock Exchange.

The shares of UBA Plc have depreciated by 4.35% from year-to-date, starting the year at N8.05 and currently traded at N7.70. However, the shares of the company have returned gains of about 10.00% for investors who bought them at their 52-week low trading price of N7.00 per share.

What you should know

At the end of yesterday’s trading activities, the NGX All-Share Index and market capitalization depreciated by 0.04% from the previous trading day, to close at 53,170.73 index points and N28.67 trillion respectively.