First HoldCo Emerges as Nigeria’s Most Valuable Bank, Overtakes Zenith on NGX as Market Value Hits N4.8tn
A strong rally in First HoldCo's share price has propelled the financial services group to the top of the banking sector on the Nigerian Exchange (NGX), displacing Zenith Bank as the country's most valuable listed lender by market capitalisation.
An analysis of banking stocks on the NGX showed that First HoldCo closed trading on Monday with a market valuation of N4.797 trillion, narrowly surpassing Zenith Bank, which ended the session at N4.792 trillion. Guaranty Trust Holding Company (GTCO) retained the third position with a market capitalisation of N4.72 trillion.
Collectively, the three banking giants account for about 54.6 per cent of the total market value of listed banking stocks on the exchange, underscoring their dominance in Nigeria's financial sector.
The broader banking sector also recorded significant gains during the trading session, with the combined market capitalisation of the 11 listed banks rising to N25.85 trillion from N25.18 trillion recorded on July 17.
First HoldCo Leads Banking Sector Rally
First HoldCo’s rise to the top spot was driven by a significant appreciation in its share price, which gained 9.95 percent during trading.
The company’s share price increased from N95.95 on July 17 to N105.50 at the end of Monday’s trading session.
The N9.55 increase in its share price pushed First HoldCo’s market capitalisation upward by N434.28 billion, moving from N4.36 trillion at the previous week’s close to N4.797 trillion.
The surge allowed the financial group to overtake Zenith Bank, which had previously held the position as Nigeria’s most valuable bank by market capitalisation.
Zenith Bank Slips to Second Position Despite Growth
Zenith Bank moved into second place after recording a positive trading session, with its share price rising by 2.36 percent.
The bank’s shares closed at N116.70 on Monday, representing a N2.70 increase from the previous closing price of N114.
The price appreciation added N110.88 billion to Zenith Bank’s market value, increasing its capitalisation from N4.68 trillion to N4.792 trillion.
Despite the growth, the bank narrowly lost its position as the most valuable lender on the NGX.
GTCO Maintains Third Position
GTCO remained Nigeria’s third-largest bank by market value, although it recorded a slight decline during trading.
The company’s market capitalisation fell to N4.71 trillion from N4.72 trillion previously.
The decline followed a marginal drop in its share price from N129.20 on July 17 to N129 on Monday, resulting in a loss of N7.31 billion in market value.
Stanbic IBTC Holds Fourth Spot
Stanbic IBTC Holdings retained the fourth position on the ranking with a market capitalisation of N2.65 trillion.
The company recorded no change in valuation as its shares traded flat on Monday.
Investors maintained the previous closing price of N166.90 per share, leaving the company’s market value unchanged.
UBA Climbs on Strong Share Performance
United Bank for Africa (UBA) ranked fifth among the most valuable banks on the NGX, with a market capitalisation of N2.13 trillion.
The bank gained N128.16 billion in market value after its share price increased by N2.90.
NGX data showed that UBA’s shares rose from N45.50 to N48.40, representing a 6.37 percent increase.
Ecobank Retains Sixth Position
Ecobank Transnational Incorporated (ETI) occupied the sixth position with a market valuation of N1.55 trillion.
The lender’s market capitalisation remained unchanged after its shares traded flat at N85.70 on Monday, the same closing price recorded the previous week.
Access Holdings Moves Ahead of Fidelity Bank
Access Holdings climbed from eighth to seventh place on the ranking after its market value increased to N1.38 trillion.
The company added N27.18 billion to its market capitalisation during trading, rising from N1.35 trillion.
The increase was supported by a rise in its share price from N25 to N25.50.
Meanwhile, Fidelity Bank dropped to eighth position after recording a decline in market value.
Fidelity’s market capitalisation fell by N3.15 billion to N1.37 trillion from N1.38 trillion.
The decline followed a drop in its share price from N21.85 to N21.80.
Wema Bank Continues Upward Movement
Wema Bank maintained its positive momentum, pushing its market capitalisation to N1.23 trillion from N1.22 trillion.
The lender gained N18.05 billion in market value after its share price increased by N0.45, closing at N30.90.
The performance placed Wema Bank as the ninth most valuable bank on the NGX.
FCMB and Sterling Financial Complete Ranking
FCMB Group ranked 10th with a market capitalisation of N778.26 billion.
The company recorded a N65.95 billion increase from its previous valuation of N712.30 billion, supported by a rise in its share price from N10.80 to N11.80.
Sterling Financial Holdings Company occupied the 11th position, with a market value of N530.73 billion.
Its valuation increased slightly from N527.43 billion after its share price moved from N8 to N8.05, representing a 0.62 percent rise.
The latest market ranking reflects continued movement among Nigeria’s listed banks as investors respond to share price performance and changing valuations on the NGX.