First HoldCo overtakes Zenith as Nigeria’s most valuable bank

First HoldCo has overtaken Zenith Bank as the most valuable bank on the Nigerian Exchange (NGX) after its market capitalisation increased to N4.797 trillion at the close of trading on Monday.

TheCable’s analysis of the bank stocks on the NGX showed that First HoldCo’s market valuation rose slightly above that of Zenith Bank, which was N4.792 trillion, while Guaranty Trust Holding Company (GTCO) followed closely with N4.72 trillion.

Together, the three institutions account for 54.6 percent of the banking sector’s total market value on the exchange.

The combined market valuation of the 11 banks on the bourse rose 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 edged Zenith Bank to become Nigeria’s most valuable bank in the stock market after its share price appreciated by 9.95 percent.

The value of a share of First HoldCo increased from N95.95 kobo on July 17 to N105.5 kobo at the close of trade on Monday.

As a result of the N9.55 kobo surge, the company’s market capitalisation climbed to N4.797 trillion, up by N434.28 billion, from Friday’s N4.36 trillion.

ZENITH BANK

Zenith Bank took the second spot with a N4.792 trillion market valuation, after its share price jumped 2.36 percent during trading hours.

The bank’s share price closed at N116.70 kobo per share, up by N2.70 kobo when compared to the N114 offered for a share on Friday.

Following the increase in share price, Zenith Bank’s valuation grew by N110.88 billion, from N4.68 trillion.

GTCO

GTCO ranked third with a market capitalisation of N4.71 trillion, below the N4.72 trillion recorded at the close of trading on Friday.

The N7,31 billion decline was as a result of the lender’s share price dropping by N0.2 kobo, from N129.2 kobo on July 17 to N129 on July 20.

STANBIC IBTC

Stanbic IBTC Holdings occupied fourth position with a market capitalisation of N2.65 trillion, the same valuation held on Friday.

There were no changes in the company’s capitalisation due to Stanbic IBTC’s share trading flat on Monday, as traders retained Friday’s price of N166.9 kobo.

UBA

United Bank for Africa (UBA) ranked fifth with a market capitalisation of N2.13 trillion.

The market capitalisation increased by N128.16 billion, from the previous week’s closing value of N2.01 trillion, following a N2.90 kobo increase in the lender’s share price.

According to the NGX data, UBA’s share price soared from N45.50 kobo to N48.40 kobo, representing a 6.37 percent increase.

ECOBANK

Ecobank Transnational Incorporated (ETI) posted a market capitalisation of N1.55 trillion, placing it sixth.

The company also recorded no changes in its valuation after the share traded flat at N85.70 kobo per share on Monday, similar to the previous week’s closing price.

ACCESS HOLDINGS

With a N1.38 trillion market capitalisation, Access Holdings rose from the eighth position to the seventh spot on the list of the most valuable banks on NGX.

Analysis showed that Access Holdings’ valuation surged by N27.18 billion during trading, from N1.35 trillion recorded on Friday.

The company’s share price rising by N0.5 kobo, from N25 to N25.5 kobo, led to the surge in the market capitalisation.

FIDELITY BANK

Fidelity Bank dropped to the eighth spot after a N3.15 billion decrease in its market value during trading on Monday.

The financial institution’s market capitalisation declined to N1.37 trillion, from N1.38 trillion, according to analysis.

This was driven by a N0.05 decline in Fidelity Bank’s share price, after it closed trading at N21.8 kobo on Monday, below Friday’s N21.85 kobo.

WEMA BANK

Wema Bank’s sustained share price appreciation pushed its market capitalisation to N1.23 trillion, from the previous week’s N1.22 trillion.

The valuation increased by N18.05 billion after Wema Bank’s share price soared by N0.45 kobo or 1.47 percent on Monday.

NGX data showed that Wema Bank’s share price closed at N30.9 kobo per share, exceeding the N30.45 kobo reported on July 17.

This makes Wema Bank the ninth most valuable bank on the NGX.

FCMB

FCMB Group occupied the 10th position with N778.26 billion market capitalisation on Monday.

It was gathered that FCMB’s capitalisation increased by N65.95 billion from the previous week’s closing value of N712.30 billion.

This was on the back of a N1 increase in Wema Bank’s share price, which grew from N10.8 kobo to N11.8 kobo.

STERLING FINANCIAL HOLDINGS COMPANY

At the close of trading on Monday, Sterling Financial Holdings Company was the 11th most valued bank on the NGX.

The company’s market valuation had closed at N530.73 billion, slightly above the N527.43 billion recorded on July 17.

The N3.29 billion growth followed a 0.62 percent increase in Sterling Financial’s share price, as it rose from N8 to N8.05 during the reviewed period. (TheCable)