GTB crosses N1 trn cap as Big Bank rally explodes
May 29, 2017 | 1:22 am| | | Start Conversation
The good times are here again for investors in large cap bank stocks!
Big bank stocks are on the roll again on the Nigerian Stock Exchange (NSE).
The big 6 namely Guaranty Trust bank (GTB), Zenith Bank, United Bank for Africa (UBA), FBN Holdings, Access Bank and Stanbic IBTC have seen money move into them with some reaching multi year highs.
GTB which has now crossed the N1 trillion mark in market capitalisation has rallied 81 percent in the past 52 weeks (one year), and set a new high on Friday when it closed at N35.2 per share.
Zenith Bank the second largest bank by market capitalisation at N600 billion set a new 52 week high when it closed trading at N19.13 per share on Friday. The stock is up 28.7 percent in the past one year.
Stanbic IBTC with a market capitalisation of N269.5 billion is up 79 percent this year. The stock closed trading at N26.95 per share on Friday up 3.61 percent.
UBA with a market capitalisation of N272 billion has gained 66 percent in the past 52 weeks and touched a new one year high on Friday when it traded at N7.6 per share.
Access Bank has a market capitalisation of N219 billion and is up 29 percent this year.
FBNH with a market capitalisation of N175 billion rose by 10 percent on Friday and is up 45 percent this year.
We like FBNH, UBA and Access at these levels. GTB valuation looks stretched especially as it approaches the N1 trillion mark. Stanbic has also made a big move so far.
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