First HoldCo has emerged as the most valuable bank on the Nigerian Exchange, NGX, after overtaking Zenith Bank with a market capitalisation of N4.797 trillion as of Monday’s trading close.
GTCO trailed in third place at N4.72 trillion, based on an analysis of NGX banking stocks. First HoldCo, Zenith and GTCO account for 54.6 percent of the sector’s total market value. The 11 banks on the exchange are now worth a combined N25.85 trillion, compared to N25.18 trillion on July 17.
Below is the ranking of banks by market valuation:
FIRST HOLDCO First HoldCo has overtaken Zenith Bank to become Nigeria’s most valuable bank on the stock market, following a 9.95 percent gain in its share price. The price of a First HoldCo share rose from N95.95 on July 17 to N105.50 at the close of trading on Monday.
Following the N9.55 increase, the company’s market capitalisation climbed to N4.797 trillion. This represents a gain of N434.28 billion from N4.363 trillion recorded on Friday.
ZENITH BANK Zenith Bank secured the second position with a market value of N4.792 trillion, buoyed by a 2.36 percent climb in its share price during the session. The lender’s stock ended at N116.70, up N2.70 from N114 posted on Friday. On the back of the advance, Zenith’s market cap expanded by N110.88 billion from N4.681 trillion.
GTCO GTCO came in third with a market capitalisation of N4.71 trillion, slipping from N4.72 trillion at Friday’s close. The N7.31 billion dip was triggered by a N0.20 fall in the bank’s share price, from N129.20 on July 17 to N129.00 on July 20.
STANBIC IBTC Stanbic IBTC Holdings held fourth place with a market capitalisation of N2.65 trillion, flat compared to Friday. The firm’s valuation stayed unchanged as its shares traded sideways at N166.90.
UBA
United Bank for Africa, UBA, took fifth spot with a market capitalisation of N2.13 trillion. The lender added N128.16 billion to its valuation from last week’s close of N2.01 trillion, lifted by a N2.90 uptick in its share price. NGX figures show UBA’s stock climbed from N45.50 to N48.40, a 6.37 percent gain.
ECOBANK
Ecobank Transnational Incorporated, ETI, recorded a market capitalisation of N1.55 trillion, ranking sixth.
Its valuation was static as the share price remained unchanged at N85.70, matching last week’s closing level.
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ACCESS HOLDINGS
Access Holdings moved up from eighth to seventh with a market capitalisation of N1.38 trillion. The group’s valuation jumped N27.18 billion from N1.35 trillion recorded on Friday. The rise was powered by a N0.50 lift in its share price, from N25.00 to N25.50.
FIDELITY BANK
Fidelity Bank fell to eighth after shedding N3.15 billion in market value on Monday. The bank’s market capitalisation eased to N1.37 trillion from N1.38 trillion. The drop followed a N0.05 slide in its share price, which settled at N21.80 against N21.85 on Friday.
WEMA BANK
Wema Bank’s rally in share price lifted its market capitalisation to N1.23 trillion from N1.22 trillion the prior week. The valuation advanced N18.05 billion as the stock rose N0.45, or 1.47 percent. NGX data indicated Wema’s shares closed at N30.90, above the N30.45 posted on July 17. The performance placed Wema as the ninth largest bank by market value on the NGX.
FCMB
FCMB Group was ranked 10th with a market capitalisation of N778.26 billion. The group’s valuation grew N65.95 billion from N712.30 billion at last week’s close. The uptick was supported by a N1.00 gain in FCMB’s share price, from N10.80 to N11.80.
STERLING FINANCIAL HOLDINGS COMPANY
Sterling Financial Holdings Company ranked 11th among NGX banks at Monday’s close. The company’s market value stood at N530.73 billion, marginally higher than N527.43 billion on July 17. The N3.29 billion increase was driven by a 0.62 percent rise in Sterling’s share price, from N8.00 to N8.05.
