Wema and FCMB, both Tier 2 banks, displayed positive gains in YTD performance. However, the remaining three banks saw their share prices decline over the same period (see Table 1 below).

Table 1

Throughout the week, three Tier 1 banks, Access Bank, Ecobank, and UBA witnessed an upward movement in their share prices, reflecting positive market performance. Concurrently, GTCO, FBNH, and Zenith recorded a declined in their share prices (see chart 1 below).

Chart 1

Stanbic IBTC and Wema, both Tier 2 banks, saw their share prices decline, contrasting with the performance of other banks. The remaining banks saw share price rise for the week. Notably, FCMB stood out with a significant 5.30% increase in its share price (see chart 2 below).

Chart 2 

GTCO unveiled its capital raise plan this week. On July 15, 2024, GTCO announced a N392.490bn capital raise via public offer through the issuance of N9bn new shares at N44.50K. The amount announced will close the bank's funding gap (see Table 2 below).

Table 2