Tier-1 Banks Valuation Dips as Buying Interest Tempers
The market value of Tier-1 banks has plunged deeply as a result of weak buying momentum in the stock market, particularly the banking index. The combined stock market value of Zenith, GTCO, FBNH, UBA and Access Bank plc has now fallen below N4 trillion.
There was a shift in buying interest toward UBA versus selloffs in FBNH while both GTCO and Zenith Bank have also seen reduced market price per share. #Naira Devaluation Deepens Economic Crisis in Nigeria
Valued at more than N588 billion in the stock market, the United Bank of Africa Plc (UBA) has overtaken FBNH and Access holdings in terms of valuation. FBNH’s momentum has been halted after in-fighting by majority shareholders of the financial services group.
Access Holdings Plc was valued at N555 billion, while FBNH closed the market with N581 billion in market valuation yesterday. Fidelity Bank’s market valuation settled at N269 billion.
GTCO and Zenith maintained the market movers’ status at N1.061 trillion and N1.005 trillion, according to stock market data screened. There is a third leg coming to challenge the Tier-1 bank stock market value.
Stanbic IBTC Holdings remains focused on climbing ahead at a market valuation of N1.003 trillion – the first of its kind in the banking category. Union Bank of Nigeria has fallen below N200 billion in the local bourse while FCMB was priced at about N117 billion on Monday.
Wema Bank shares outstanding can be acquired for less than N62 billion and Jaiz Bank Plc was worth less than N57 billion to Alpha seekers.
NPF Microfinance Bank was valued at N11.80 billion yesterday ahead of the third quarter earnings season. The market placed less than N12 billion on Unity Bank Plc while investors could pick Infinity Trust Mortgage Bank for N5 billion. Living Trust Mortgage Bank was worth N13.55 billion to the Nigerian Exchange.
Tier-1 Banks Valuation Dips as Buying Interest Tempers