First HoldCo has emerged as the most valuable banking institution on the Nigerian Exchange after edging past Zenith Bank in market capitalisation at the close of trading on Monday.
Analysis of banking stocks listed on the NGX showed that First HoldCo attained a market value of N4.797tn, narrowly surpassing Zenith Bank’s N4.792tn valuation.
Guaranty Trust Holding Company followed closely with a market capitalisation of N4.72tn, leaving the three institutions to account for about 54.6 per cent of the banking sector’s total value on the exchange.
The combined market capitalisation of the 11 listed banking institutions also rose from N25.18tn recorded on July 17 to N25.85tn at the close of Monday’s trading session.
First HoldCo moves to the top
First HoldCo climbed to the summit of the banking valuation table after its share price appreciated by 9.95 per cent during the trading period.
Its share price rose from N95.95 on July 17 to N105.50 at the close of trading on Monday.
The increase lifted the company’s market capitalisation by N434.28bn, from N4.36tn to N4.797tn.
Zenith Bank slips to second
Zenith Bank dropped to second place despite recording gains in its share price.
The lender’s stock appreciated by 2.36 per cent, with its share price rising from N114 to N116.70.
The improvement increased Zenith Bank’s market valuation by N110.88bn to N4.792tn.
GTCO retains third position
GTCO maintained the third position, although its market capitalisation declined marginally to N4.71tn from N4.72tn.
The decline followed a slight drop in its share price from N129.20 to N129 during the trading period.
Stanbic IBTC holds steady
Stanbic IBTC Holdings remained fourth with a market capitalisation of N2.65tn.
Its valuation remained unchanged as the company’s share price closed flat at N166.90.
UBA records strong gain
United Bank for Africa occupied fifth position after its market capitalisation rose to N2.13tn.
The lender added N128.16bn to its market value after its share price increased by 6.37 per cent from N45.50 to N48.40.
Ecobank remains sixth
Ecobank Transnational Incorporated retained sixth place with a market capitalisation of N1.55tn.
The bank’s valuation remained unchanged after its shares closed at N85.70, the same level recorded during the previous trading session.
Access Holdings overtakes Fidelity
Access Holdings advanced to seventh position after its market capitalisation increased from N1.35tn to N1.38tn.
The improvement was driven by a N0.50 increase in its share price from N25 to N25.50.
The gain enabled Access Holdings to move ahead of Fidelity Bank in the latest rankings.
Fidelity Bank falls one place
Fidelity Bank slipped to eighth position after its market value declined to N1.37tn from N1.38tn.
The decrease followed a slight reduction in its share price from N21.85 to N21.80.
Wema Bank sustains growth
Wema Bank occupied ninth place after its market capitalisation increased from N1.22tn to N1.23tn.
The bank recorded the improvement after its share price rose by 1.47 per cent from N30.45 to N30.90.
FCMB posts notable increase
FCMB Group ranked 10th with a market capitalisation of N778.26bn.
Its valuation increased by N65.95bn from N712.30bn following an increase in its share price from N10.80 to N11.80.
Sterling Financial rounds off the list
Sterling Financial Holdings Company retained the 11th position among listed banking institutions.
The company’s market capitalisation increased slightly from N527.43bn to N530.73bn after its share price appreciated from N8 to N8.05.
The latest movements on the NGX underscore renewed investor activity in banking stocks, with First HoldCo’s rise to the top marking a significant shift in the ranking of Nigeria’s most valuable listed lenders.
