Market Value of 12 Banks on NGX Surges Past N28tn
Kayode Tokede The market capitalisation of First Holdco Plc, Zenith Bank Plc and 10 others listed banks on the Nigerian Exchange Limited (NGX) as of August 2026 crossed N28 trillion
The market value of banks listed on Nigeria's NGX has surged past N28 trillion, reaching N28.4 trillion in the first eight months of 2026. This marks a significant increase from N16.12 trillion in December 2025, representing a 56.8% Year-to-Date (YtD) growth. This surge in market capitalisation is fueled by impressive corporate earnings, leading to heightened investor demand.
The NGX Banking Index's growth is driven by stock price appreciation in First Holdco, Zenith Bank, and nine other banks. However, FCMB Group Plc experienced a 2.9% YtD decline in stock price, but its market capitalisation still rose by 49.7% to N771.67 billion. Among the top three, First Holdco led with a 202.7% increase in stock price, followed by Zenith Bank and Guaranty Trust Holding Company Plc. These three banks are now classified as highly capitalized stocks in the FTSE Russell Frontier Index Series.
The overall NGX market capitalisation constitutes 18.03% of the broader NGX market, which is valued at N157.74 trillion. The NGX Banking Index outperformed other major indices, including the NGX Oil & Gas and NGX Industrial Goods indices, which grew by 96.8% and 81.65% respectively, while the NGX Insurance Index declined by 8.4% YtD.
The outlook for 2026 remains positive, with the macroeconomic environment expected to remain stable, providing a supportive backdrop for investor confidence and corporate earnings.
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