First HoldCo surpasses Zenith as Nigeria’s highest-valued bank
First HoldCo has emerged as the most valuable banking stock on the Nigerian Exchange (NGX), overtaking Zenith Bank after a strong rally in its share price pushed its market capitalisation to N4.797 trillion at the close of trading on Monday.
An analysis of banking stocks on the NGX showed that Zenith Bank followed closely with a market value of N4.792 trillion, while Guaranty Trust Holding Company (GTCO) ranked third at N4.71 trillion.
The three lenders now account for 54.6 percent of the total market capitalisation of the banking sector on the exchange.
Overall, the combined market value of the 11 listed banking institutions rose from N25.18 trillion on July 17 to N25.85 trillion after Monday’s trading session.
First HoldCo takes the lead
First HoldCo climbed to the top of the rankings after its share price gained 9.95 percent, rising from N95.95 to N105.50 per share.
The increase added about N434.28 billion to the company’s market value, lifting its capitalisation from N4.36 trillion to N4.797 trillion.
Zenith Bank falls to second
Zenith Bank slipped to second position despite recording gains during the trading session.
Its share price rose by 2.36 percent, moving from N114 to N116.70 per share. The increase boosted the bank’s market capitalisation by N110.88 billion, from N4.68 trillion to N4.792 trillion.
GTCO remains third
GTCO retained third place, although its market value declined slightly to N4.71 trillion from N4.72 trillion.
The drop followed a marginal decline in its share price from N129.20 to N129 per share.
Stanbic IBTC unchanged
Stanbic IBTC Holdings maintained fourth position with a market capitalisation of N2.65 trillion after its share price remained unchanged at N166.90.
UBA posts strong gain
United Bank for Africa (UBA) ranked fifth after its market value increased to N2.13 trillion.
The bank’s share price advanced by 6.37 percent, rising from N45.50 to N48.40, adding N128.16 billion to its valuation.
Ecobank retains sixth spot
Ecobank Transnational Incorporated (ETI) remained sixth with a market capitalisation of N1.55 trillion after its shares closed flat at N85.70.
Access Holdings overtakes Fidelity
Access Holdings moved up one place to seventh after its market value rose to N1.38 trillion from N1.35 trillion.
Its share price increased from N25 to N25.50, resulting in a N27.18 billion rise in market capitalisation.
The development pushed Fidelity Bank down to eighth position.
Fidelity Bank slips
Fidelity Bank’s market value declined by N3.15 billion to N1.37 trillion after its share price dipped slightly from N21.85 to N21.80.
Wema Bank strengthens position
Wema Bank remained ninth as continued gains in its share price lifted its market capitalisation to N1.23 trillion from N1.22 trillion.
Its shares appreciated by 1.47 percent, closing at N30.90 compared with N30.45 previously.
FCMB records notable growth
FCMB Group occupied 10th place with a market capitalisation of N778.26 billion, up from N712.30 billion.
The increase followed a rise in its share price from N10.80 to N11.80.
Sterling Financial rounds out the list
Sterling Financial Holdings Company remained the least-valued among the listed banks, ranking 11th with a market capitalisation of N530.73 billion.
Its valuation rose slightly from N527.43 billion after its share price edged up from N8.00 to N8.05.
