First HoldCo, Zenith Bank, GTCO, UBA, Eight Others’ Market Capitalisation Hits N27.4tn in July
Kayode Tokede Driven by strong corporate earnings and renewed investors’ appetite for banking stocks, the combined market capitalisation of Zenith Bank, Guaranty Trust Holding Company Plc (GTCO), First Bank (First
In July 2026, the combined market capitalisation of major Nigerian banks, including Zenith Bank, GTCO, First HoldCo, and UBA, reached N27.4 trillion on the NGX. This marked a significant increase from the N23.33 trillion valuation at the end of June and represented approximately 17.3% of the NGX's overall market capitalisation of N158.33 trillion.
The NGX Banking Index experienced a 22.10% appreciation during the month, outpacing the broader market. On a year-to-date basis, the Banking Index ranked among the top performing sectoral indices, trailing only the NGX Oil & Gas and NGX Industrial Goods indices. UBA saw its market capitalisation rise to N1.97 trillion, while First HoldCo emerged as the most capitalised banking stock, with a market capitalisation of N5.88 trillion, up from N2.55 trillion in June.
First HoldCo's share price appreciated by 131.13%, closing at N129.55 per share amidst a significant accumulation by its Chairman, Mr. Femi Otedola. Despite the bullish trend, Ecobank Transnational Incorporated (ETI) and Stanbic IBTC Holdings Plc experienced declines in their share prices, with share prices falling by 6.56% and 2.5%, respectively.
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