First HoldCo has overtaken Zenith Bank to become Nigeria’s most valuable listed bank on the Nigerian Exchange (NGX) after a sharp rally in its share price pushed its market capitalisation to N4.797 trillion at the close of trading on Monday.
Gatekeepers News reports that Zenith Bank slipped to second place with a market value of N4.792 trillion, while Guaranty Trust Holding Company (GTCO) retained third position with N4.71 trillion.
According to an analysis of banking stocks by TheCable, First HoldCo’s share price surged by 9.95 per cent, rising from N95.95 to N105.50 per share. The increase added about N434.28 billion to its market capitalisation, lifting it from N4.36 trillion to N4.797 trillion. Zenith Bank also recorded gains, with its share price increasing by 2.36 per cent to N116.70 per share, although it was not enough to retain the top spot.
The report also showed that the combined market capitalisation of the 11 listed banks on the NGX climbed from N25.18 trillion on July 17 to N25.85 trillion, with First HoldCo, Zenith Bank and GTCO accounting for 54.6 per cent of the banking sector’s total market value.
In the latest rankings, Stanbic IBTC placed fourth, followed by United Bank for Africa (UBA), while Access Holdings moved up to seventh position. Fidelity Bank dropped to eighth place after its market value declined slightly by N3.15 billion to N1.37 trillion, following a marginal fall in its share price. Wema Bank, FCMB Group and Sterling Financial Holdings completed the top 11 list.
