This week, the NGX-Banking Index fell by 0.37% week on week (W-o-W) to close at 840.77. Among the Tier 1 banks, GTCO’s share price increased the most, with 12.59% year-to-date (YTD). In stark contrast, the other banks within this category declined, with Access Bank and FBNH recording -13.82% and -13.59% YTD.
For the Tier 2 banks, only Wema and FCMB had a year-to-date (YTD) gain of 14.29% and 2.70%, respectively. The other banks’ share prices declined. Sterling Bank and Stanbic IBTC Holding experienced the most significant drops of -37.11% and -22.04% YTD respectively (see Table 1 below).
This week, among the Tier 1 banks, Access Bank showed strength with a substantial 4.18% increase in its share price. In contrast, the remaining banks experienced a decline in their share prices (see chart 1 below).
The share prices of all Tier 2 banks rose. Specifically, Fidelity Bank’s share price increased by 6.44%, and Wema’s share price rose by 6.67% (see chart 2 below).
Chart 2 None of the companies made any recent announcement concerning the recapitalisation watch by the Central Bank of Nigeria (CBN). Access Bank’s previous announcement regarding its extended acceptance list for its Rights Issue closes
