All the tier-1 rated banks in Nigeria have now crossed the N1 trillion market capitalisation mark.
Gatekeepers News reports that this comes after a remarkable trading day which saw the NGX appreciate by 3.57%.
The tier-1 banks in Nigeria are FBN Holdings (First Bank), Access Holdings (Access Bank), GTCO (GTBank), UBA, and Zenith Bank.
Previously, Zenith Bank and GTCO were the only banking members of the SWOOT category, which is used to describe stocks worth over N1 trillion trading on the NGX.
Meanwhile, other banking stocks such as Stanbic IBTC and FBNH previously made a brief foray into the category.
On January 8, UBA appreciated by 10% to hit N1.023 trillion, a historic milestone.
Unlike, FBNH which dropped back below N1 one day after crossing the N1 trillion mark, UBA further appreciated by 9.03% to take its market cap to N 1.115 trillion today, January 9.
Similarly, Access Holdings (ACCESSCORP) the parent group of Access Bank on January 9, crossed the N1 trillion market capitalization level, as its stock by 8.39% to close at N29.70, thus taking the bank’s market capitalisation to N1.056 trillion.
In addition, FBN Holdings, rebounded to its highest level since December 6, 2023, as its stock appreciated by 10% to reach a market cap of N1.027 trillion.
Meanwhile, older members of the SWOOT category, GTCO and Zenith Bank, closed trading on January 9 with a market cap of N1.42 trillion and N1.49 trillion respectively.
In 2024 alone, the NGX has appreciated by about 11.26%, a remarkable figure for just six trading days. However, the tier-1 banks have achieved even more remarkable returns in 2024.
Year to date, ACCESSCORP has gained 28.3%, FBNH has gained 21.4%, GTCO has gained 19%, UBA has gained 27.1%, and ZENITHBANK has gained 22.5%.
