Zenith, UBA, Access lose N141.35bn in market value — GTB, Stanbic, FBN gain

Three of Nigeria’s biggest banks posted stock losses in the first three months of this year as N141.35 billion was wiped off their combined market capitalisation, according to data compiled by Markets Reporters.

The shares of United Bank for Africa Plc, Zenith Bank Plc and Access Bank Plc fell by 18.49 percent, 9.07 percent and 4.98 percent respectively in the first quarter of 2021, erasing from each bank’s market value N54.71 billion, N70.64 billion and N16 billion.

Market capitalisation — or market cap — refers to the total value of a company’s shares of stock. It is calculated by multiplying the current share price by the total number of outstanding shares.

Zenith, the country’s biggest bank by market cap, saw its market value fall to N707.99 billion on Mar. 31 from N778.63 billion at the end of last year as its share price dropped to N22.55 from N24.80.

The market value of Access Bank dipped to N284.36 billion at the end of March from N300.36 billion as of Dec. 31 as its share price fell to N8 from N8.45.

UBA’s market value dropped to N241.11 billion on Mar. 31 from the N295.82 billion at which it closed in December.

GTB, the country’s biggest bank by market cap, boosted its market value by N14.72 billion in the three-month period to N966.81 billion. Its share price closed at N32.85 on Mar. 31, up from N32.35 in December.

Stanbic IBTC Holdings Plc saw its market value increase to N569.18 billion from N489.22 billion as its share price rose to N51.25 from N44.05.

FBN Holdings Plc, the holding company of First Bank of Nigeria Limited, boosted its market value to N260.24 billion from N256.65 billion as its share price rose to N7.25 from N7.15.

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