First HoldCo has displaced Zenith Bank as the most valuable bank listed on the Nigerian Exchange (NGX), following an increase in its market capitalisation to N4.797 trillion at the end of trading on Monday.
An analysis of the banking stocks listed on the NGX showed that First HoldCo’s market value edged past Zenith Bank’s N4.792 trillion, while Guaranty Trust Holding Company (GTCO) ranked third with a valuation of N4.72 trillion.
The three leading banks collectively account for 54.6 per cent of the total market value of the banking sector on the exchange.
The combined market capitalisation of the 11 listed banks also rose to N25.85 trillion, up from N25.18 trillion recorded on July 17.
Below is the ranking of the banks by market capitalisation.
First HoldCo
First HoldCo moved into first place after its share price rose by 9.95 per cent during Monday’s trading session.
The lender’s share price increased from N95.95 on July 17 to N105.50 at the close of trading on Monday.
The N9.55 increase pushed the company’s market capitalisation to N4.797 trillion, representing a rise of N434.28 billion from Friday’s N4.36 trillion valuation.
Zenith Bank
Zenith Bank occupied the second position with a market capitalisation of N4.792 trillion after its share price appreciated by 2.36 per cent.
The bank’s shares closed at N116.70 each, up N2.70 from Friday’s closing price of N114.
The increase in share price resulted in a N110.88 billion rise in the bank’s valuation, taking it from N4.68 trillion.
GTCO
GTCO ranked third with a market capitalisation of N4.71 trillion, slightly below the N4.72 trillion recorded at the end of trading on Friday.
The N7.31 billion decline followed a N0.20 drop in the company’s share price, which fell from N129.20 on July 17 to N129 on July 20.
Stanbic IBTC
Stanbic IBTC Holdings retained the fourth position with a market capitalisation of N2.65 trillion, unchanged from Friday.
The company’s valuation remained stable after its shares traded flat on Monday at N166.90.
UBA
United Bank for Africa (UBA) ranked fifth with a market capitalisation of N2.13 trillion.
The bank’s valuation increased by N128.16 billion from the previous week’s closing figure of N2.01 trillion after its share price rose by N2.90.
NGX data showed that UBA’s share price climbed from N45.50 to N48.40, representing a 6.37 per cent increase.
Ecobank
Ecobank Transnational Incorporated (ETI) occupied the sixth position with a market capitalisation of N1.55 trillion.
The bank’s valuation remained unchanged after its shares traded flat at N85.70 on Monday, the same price recorded at the previous week’s close.
Access Holdings
Access Holdings climbed from eighth to seventh place with a market capitalisation of N1.38 trillion.
The company’s valuation increased by N27.18 billion from the N1.35 trillion recorded on Friday.
The rise followed an increase in its share price from N25 to N25.50.
Fidelity Bank
Fidelity Bank dropped to eighth position after its market capitalisation declined by N3.15 billion during Monday’s trading session.
The bank’s valuation fell from N1.38 trillion to N1.37 trillion.
The decline followed a N0.05 drop in its share price, which closed at N21.80 on Monday compared with N21.85 on Friday.
Wema Bank
Wema Bank’s continued share price growth pushed its market capitalisation to N1.23 trillion, up from N1.22 trillion the previous week.
The bank’s valuation increased by N18.05 billion after its share price rose by N0.45, representing a 1.47 per cent increase.
NGX data showed that Wema Bank’s shares closed at N30.90 on Monday, compared with N30.45 on July 17.
The increase placed Wema Bank as the ninth most valuable bank on the NGX.
FCMB
FCMB Group ranked 10th with a market capitalisation of N778.26 billion.
Its valuation rose by N65.95 billion from the previous week’s closing figure of N712.30 billion.
The increase followed a N1 rise in the company’s share price, from N10.80 to N11.80.
Sterling Financial Holdings
Sterling Financial Holdings Company ranked 11th among the most valuable banks on the NGX at the close of trading on Monday.
The company’s market capitalisation stood at N530.73 billion, slightly higher than the N527.43 billion recorded on July 17.
The N3.29 billion increase followed a 0.62 per cent rise in its share price, which climbed from N8 to N8.05 during the period under review.