Sell pressures on Nigerian big banks dragged their combined market valuations lower to around N4.8 trillion at the end of the previous week. With mixed activity seen from both the sell and buy side equities traders in the Nigerian Exchange, Tier-1 banks combined market value fell to N4.747 trillion in the market on Friday.
The raging sell-side trading activity on the banking index gathered traction following the 70% windfall tax, reducing the total market valuation of the major firms.
The outcomes were mixed, with four out of five Tier-1 local deposit money institutions experiencing negative price fluctuations, according to Nigerian Exchange data.
Zenith, UBA, FBNH, and Access recorded weekly price depreciation, though selloffs weren’t sharp enough to shift their combined market value lower significantly.
GTCO Plc, an Orange-branded financial services firm, ranks higher, while FBN Holdings remains the most volatile stock, trading at a far lower price than its peers.
According to data from the local bourse, tier-1 lenders are trading at a significant discount to their respective 52-week high stock market performance as they prepare to announce their earnings.
GTCO Plc nonetheless outperformed its competing lenders in terms of market value. The group closed the trading session on Friday at N1.353 trillion, following a market price jump to N46.
The financial services company is trading at a 14.74% discount to its 52-week price 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 a 19.74% discount to its 52-week high amidst a 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 a 33.97% discount to a 52-week high as of Friday’s close. Access Holdings ended the week at a 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 the actual market temperature.
Ticker: FBNH is trading at more than 52.33% after 52 weeks of a persistent price decline amidst an 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.
