Growth in the share price of Zenith Bank Plc, Guaranty Trust Bank (GTB) and Union Bank of Nigeria Plc lifted the banking index of the Nigerian Stock Exchange (NSE) by 2.09 percent during trading for the past week.
The Banking Index which measures the performance of Nigerian banks on the NSE closed at 361.13 index point on Friday, March 19th from the 353.75 index point it commenced trading with on Monday, March 15th, surging by 7.38 index point, representing 2.09 percent appreciation. The banking index, however, fell by 8.11 per cent Year- till – Date (YTD)
The Financial Services Industry which includes the banking sector (measured by volume) led the activity chart with 1.888 billion shares valued at N12.446 billion traded in 12,019 deals, while a total turnover of 2.342 billion shares worth N19.272 billion in 20,173 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 1.675 billion shares valued at N23.541 billion that exchanged hands last week in 21,732 deals.
The NSE All-Share Index and Market Capitalization depreciated by 0.69% to close the week at 38,382.39 and N20.082 trillion respectively.
Checks by InsideBusiness shows that Zenith Bank led the gainers in the banking sector during the week in review in terms of market capitalisation.
The tier-1 financial institution rose by 6.13 percent in value of its market capitalisation and share price, rising from N665.605 billion and N21.20 Kobo per share to N706.421 billion and N22.50 Kobo per share respectively.
The appreciation saw Zenith Bank gaining N40.815 billion and its outstanding shares remain at 31,396,493,786.
GTB followed with a N30.902 billion growth in the bank’s market share, climbing from N881.463 billion to N912.366 billion, representing 3.50 percent appreciation.
The Orange brand also recorded soared share price, moving from N29.95 Kobo per share to N31 per share.
Union Bank completed the biggest gainers’ table for the week when its share price and market capitalisation jumped by 4.95 percent, indicating a N7.280 billion surge.
The first generation bank saw its market capitalisation currently standing at N154.339 billion up from N147.059 billion, while the value of its share price rose from N5.05 Kobo per share to N5.30 Kobo per share.
Ecobank Transnational Corporation (ETI) dominated the losers for the week, losing N5.504 billion representing 5.8 percent to close at N94.500 billion in market capitalisation down from N88. 995 billion.
The share price which opened at N5.15 Kobo per share on Monday, March 15th fell to N4.85 Kobo per share on Friday Friday, March 19th.