Nigeria’s banking industry, last week, outpaced other sectors on the stock exchange with a gain of 1.3%. The NGX Banking Index grew the quickest, of all the sector indices tracked by the Nigerian Exchange, rising by 0.36% to 362.51 basis points, owing mostly to gains in the shares of Access and Zenith Banks.
The Financial Services Industry (measured by volume) topped the activity chart with 695.803 million shares worth N5.178 billion exchanged in 8,616 deals, accounting for 70.92% equity turnover volume and 49.86% equity turnover value.
The Consumer Goods Industry came in second with 75.879 million shares valued at N1.227 billion traded in 2,263 deals.
The Conglomerates Industry came in third with a turnover of 67,430 million shares for N367.306 million in 612 deals.
The top three equities, Zenith Bank Plc, Sterling Bank Plc, and Wema Bank Plc, accounted for 265.649 million shares worth N2.450 billion in 2,742 transactions, accounting for 27.08% and 23.60% of total equity turnover volume and value, respectively.
Although the banking sector progressed, not all banks grew at a commendable rate, and some banks had significant asset declines as their prices declined. Here is a breakdown of the best and worst performances in the banking sector.
‘Top Players’
Access Bank Plc (ACCESS) currently has a share price of N8.55. The ACCESS stock completed its latest trading day on the Nigerian Stock Exchange at N8.55 per share, representing a 0.59% increase over its previous closing price of 8.50 NGN. ACCESS started the year with a share price of N8.45 and has since gained 1.18% on that price appraisal, concluding last week with a 4.3% growth, making it the top performer in the NGX banking sector in terms of 7-day performance.
Zenith Bank Plc (ZENITHBANK) now has a share price of N23.80. On the Nigerian Stock Exchange, the ZENITHBANK stock completed its most recent trading day at N23.80 per share, representing a 1.28% increase over its previous closing price of 23.50 NGN. ZENITHBANK began the year with a share price of N24.80 but has since shed 4.03% of that value, finishing last week with a 2.8% increase, ranking it second on the NGX banking sector in terms of 7-day performance.
NPF Microfinance Bank (NPFMCRFBK) is currently trading at N1.90 per share. The NPFMCRFBK stock completed its last trading day on the Nigerian Stock Exchange at N1.90 per share, a 2.7% increase from its previous closing price of N1.85. NPFMCRFBK started the year with a share price of N1.70 and has since gained 11.76% on that price, completing last week with a 2.7% gain, putting it in third place on the NGX banking sector in terms of 7-day performance. Shareholders will be excited about NPFMCRFBK after learning that the stock has gained 14.46% in only the last four weeks.
‘Laggers’
Abbey Mortgage Bank Plc (ABBEYBDS) is currently trading at N0.95 per share. ABBEYBDS started the year with a share price of N1.05 but has subsequently lost 9.52% of that value in the last week, making it the worst performer in the NGX banking sector in terms of 7-day performance.
Wema Bank (WEMABANK) is currently trading at N0.55 per share. WEMABANK started the year with a share price of N0.69 but has since lost 20.29% of that value, completing last week with a fall of 3.5%, making it second-worst on the NGX banking sector in terms of seven-day performance. Worries among shareholders are exacerbated by the fact that WEMABANK’s stock has lost 5.17% of its value since May 20.
Guaranty Trust Bank (GUARANTY) is currently trading at N28.55 per share. The GUARANTY stock on the Nigerian Stock Exchange completed the previous trading day at N28.55 per share, up 1.78% from its previous closing price of N28.05. GUARANTY began the year with a share price of N32.35 but has since lost 11.75% of that value, with a 1.5% drop last week, making it the NGX banking sector’s third-worst performer in terms of 7-day performance.
Recall that Trading License Holders and the investing public were notified that trading in the shares of Guaranty Trust Bank Plc (the Bank) was suspended as of Friday, June 18, 2021.
The suspension is required to restrict trading in the Bank’s shares in preparation for the eventual delisting of Guaranty Trust Bank Plc from the Daily Official List of the Nigerian Exchange Limited (NGX) and the listing of the Holding Company, Guaranty Trust Holding Company Plc on the NGX.
