FUGAZ investors earn a combined 39 billion naira during the week

The market capitalization of the top five banks, referred to as Tier 1 Banks or FUGAZ, appreciated by 1.77% to close at 2.27 trillion naira as of June 24, 2022, with investors in these banks earning a total of 39 naira. 44 billion during the trading week.

After 5 trading days of the week, 3 out of 5 Nigerian Tier 1 banks enjoyed positive market sentiment with FBNH Plc leading the way as winners.

According to data from the Nigerian Stock Exchange (NGX), the market capitalization of the top five banks reached 2.27 trillion naira to appreciate by 1.77% during the week.

A summary of each bank’s performance is presented below.


FBNH Plc’s share price rose 8.76% to end the week at 10.55 Naira, with a market capitalization of 378.70 billion Naira at the end of the week. Amid selling and buying interest, at the end of the trading week, FBNH Plc’s share price stood at 10.55 naira.

FBNH Plc’s first quarter 2022 result showed interest income rose 39.67% year-on-year to N109.45 billion, from N78.36 billion recorded in the same period of 2021. Similarly, profit after tax increased significantly by 107.63% year-on-year to N32.44 billion in the period under review.


United Bank for Africa Plc depreciated 0.67% as its market capitalization closed the week at N254.79 billion, losing a total of N1.71 billion, with the share price at 7.45 naira.

UBA Plc released its first quarter 2022 financial statements, revealing that net interest income appreciated 14.10% to 84.87 billion naira from 74.38 billion naira, while total assets rose to 8.89 trillion naira from 8.54 trillion naira in December 2021. Additionally, the company’s after-tax profit increased by 8.76% to 41.50 billion naira from 38, N16 billion in the same period of 2021.

GT Holding Company Plc

GTCO Plc depreciated by 4.41 billion naira after its market capitalization fell to 615.11 billion naira from 619.53 billion naira at the end of the week’s trading session.

The decline can be attributed to its share price falling from 21.05 Naira traded at the end of last week to 20.90 Naira at the close of business, reflecting a decline of 0.71%.

The financial result for the first quarter of 2022 revealed that the Group recorded a 9.10% growth in net interest income from N52.43 billion recorded in the corresponding period of 2021 to N57.20 billion. naira for the current period. However, profit after tax depreciated by 5.13% to N43.21 billion in the current period.

Go to Bank Plc

Access Bank Plc’s share price rose 2.15% to end the week at 9.50 naira, and the market capitalization gained 7.11 billion naira to 337.68 billion naira.

Access Bank Plc released its Q1 2022 financial result, which revealed a profit of N57.40 billion in the first quarter of 2021, reflecting an increase of 9.23%. The statement revealed that net interest income decreased by 7.03% from N93.96 billion to N87.36 billion in the current period.

Zenith Bank Plc

Zenith Bank Plc gained N7.85 billion after its market capitalization appreciated to N679.73 billion from N671.88 billion at the end of the week. This appreciation can be attributed to the 1.17% growth in its share price from N21.40 traded at the end of last week to N21.65 at the end of this week.

The bank’s financial result for the first quarter of 2022 for the period ended March revealed that net interest income for the period increased by 20.89% to N100.54 billion from N83.17 billion. naira for the corresponding period of 2021. However, profit after tax for the reported period grew by 9.68% from 53.06 billion naira in 2021 to 58.20 billion naira for the current period.

What you should know

  • The Nigerian Exchange Limited (NGX) closed a negative week as the ASI depreciated 0.14% to close at 51,705.61.
  • FUGAZ banks make up more than 70% of the NSE banking sector index, thus strongly influencing whether or not the index grows, as the NGX banking index increased by 0.33% from 393.72 to 395, 02 dots.