Tier-1 Banks Shareholders Lose N35.7bn

Investors in Zenith bank, Access Holdings, FBNH and UBA recorded a loss of N35.7 billion over sell pressure recorded by these banks.

FBN Holding Plc dropped by 4.25% to N10.15 per share, from N10.60, which was the opening share price on 12th September, while Zenith Bank Plc shed 1.99% to N19.65 per share, from a share price of N20.05 at the commencement of the current year trading on September 12.

UBA Plc dropped by 1.32% to N7.45 per share, from N7.55 per share it opened trading on Monday 12 September. Access Holdings trailed with a decline of 1.13% to N8.75 per share, from N8.85 per share during the period under review.

Investors in the stock market had hoped that the release of the half-year 2022 results of the nation’s leading banks, which witnessed improved performances on various parameters like credit growth, asset quality, and profitability would boost market sentiment.

FBN Holding Plc closed its last trading day (Thursday, September 15, 2022) at N10.15 per share and N364.337 billion in market capitalisation on the Nigerian Stock Exchange (NGX) as against N10.60 per share and N380.490 billion in market capitalisation at the beginning of trading on September 12, hence has earned a loss of N16.152.88 billion or 4.25%.

Zenith Bank Plc also closed its last trading day (Thursday, September 15, 2022) at N19.65 per share and N616.941 billion in market capitalisation on the Nigerian Stock Exchange (NGX) in contrast to the opening figure of N20.05 per share and N629.499 billion in market capitalisation at the beginning of trading on 12th September. The bank has since lost 1.99% and N12.558 billion in market capitalisation.

UBA Plc also closed the last trading day at N7.45 per share and N254.785 billion in market capitalisation, compared to the opening figure of N7.55 per share and N258.205 billion in market capitalisation, hence has earned a loss of N3.419 billion or 1.32%.

Access Holding closed its last trading day at N8.75 per share and N311.020 billion in market capitalisation on the Nigerian Stock Exchange (NGX) as against N8.85 per share and N314.575 billion in market capitalisation at the beginning of trading on September 12, hence has earned a loss of N3.554 billion or 1.13%.