First HoldCo has overtaken Zenith Bank as the highest-valued banking institution on the Nigerian Exchange (NGX), ending Monday’s trading session with a market capitalization of ₦4.797 trillion.
According to market data analyzed by TheCable, First HoldCo’s valuation edged past Zenith Bank’s ₦4.792 trillion, while Guaranty Trust Holding Company (GTCO) trailed closely in third place at ₦4.72 trillion.
Together, these three financial powerhouses represent 54.6% of the banking sector’s total equity value on the NGX.
The aggregate market valuation of the 11 banks on the exchange increased to N25.85 trillion from N25.18 trillion on July 17.
Below is the ranking of the banks by market valuation.
FIRST HOLDCO
First HoldCo surpassed Zenith Bank to become Nigeria’s most valuable bank on the stock exchange when its share price increased by 9.95 percent.
This comes as its equity price climbed from ₦95.95 on July 17 to close at ₦105.50 at the end of Monday’s trading session.
As a result of the N9.55 kobo spike, the company’s market capitalisation increased to N4.797 trillion, up N434.28 billion from N4.36 trillion on Friday.
ZENITH BANK
Zenith Bank ranked second with a market capitalisation of N4.792 trillion, as its share price increased 2.36 percent during trading hours.
The bank’s share price finished at N116.70 kobo per share, up by N2.70 kobo from the N114 given on Friday.
Zenith Bank’s valuation increased by N110.88 billion, from N4.68 trillion, as its share price rose.
GTCO
Meanwhile, GTCO placed third with a market value of ₦4.71 trillion, dropping slightly from the ₦4.72 trillion recorded at the close of trading on Friday.
The ₦7.31 billion decline in valuation followed a ₦0.20 dip in the lender’s share price, which slipped from ₦129.20 on July 17 to ₦129.00 on July 20.
Others that followed in fourth place through to the 11th place in order of the ranking are;
- STANBIC IBTC ranked 4th with a market capitalisation of N2.65 trillion, the same valuation held on Friday.
- UBA came 5th on a market capitalisation of N2.13 trillion.
- ECOBANK ranked 6th with its market capitalisation of N1.55 trillion
- ACCESS HOLDINGS was ranked 7th following its N1.38 trillion market capitalisation
- FIDELITY BANK dropped to the eighth spot after a N3.15 billion decrease in its market value during trading on Monday.
- WEMA BANK ranked 8th
- FCMB ranked 10th with N778.26 billion market capitalisation on Monday.
- STERLING FINANCIAL HOLDINGS COMPANY ranked as the 11th most valued bank on the NGX.
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