Nigeria’s Top 5 Banks Market Value Falls Below N8 Trillion
The combined market value of Nigeria’s top five big banks fell below N8 trillion in the stock market due to profit-taking activities that dragged the index lower last week. The top lenders’ combined equities market capitalisation settled at N7.952 trillion on Friday, trading data from the Nigerian Exchange (NGX) revealed.
According to data obtained from the local bourse, the tier-1 bank category lost more than N86 billion as three out of five member banks experienced sell pressures. These banks reported strong earnings performance in the first quarter of 2025, except for First Holdco Plc, whose earnings plunged on the back of weak business activities.
MarketForces Africa Research reported that GTCO and First Holdco Plc saw an increase in market value while Zenith Bank, UBA, and Access Holdings Plc retreated. Most of the downturn was driven by investors that exited their positions in Access Holdings Plc, the fourth largest by equities market capitalisation.
Due to sustained foreign investors’ interest in GTCO Plc, the orange-branded financial stock rose by 2.94% week on week to close at N70, a marginal discount to its highest price of N71 attained in 52 weeks. Hence, the market value of GTCO rose by N68.273 billion to N2.389 trillion.
Zenith Bank, the second most valued brand in the Tier-1 category, lost more than N41 billion of its opening market value due to investors’ selloffs. Its share price fell to N47.4 week on week from N48.4 amidst tight trading activities post-first quarter earnings performance. The weekly loss reduced Zenith Bank’s market value to N1.946 trillion, ranking it as the second most valuable in the equities market in the tier-1 class.
First Holdco Plc rallied amidst a 60 kobo dividend approval by its shareholders at the annual general meeting last week. The holdings company’s share price closed at N25.1 in the equities market on Friday, up from an opening price of N24.95.
This boosted the Marina-based lender’s market value by N6.281 billion to close at N1.051 trillion, according to details from the local bourse.
UBA lost about N18.5 billion of its market value due to sell-offs in the stock market. The Pan African lender, rated as a top pick at Cordros Securities Limited, closed at about N1.414 billion following its recent rights offer listing in the local bourse.
Its share price settled at N34.45 in the equities market on Friday, a marginal decline from N34.90 opening price, driven by weak investor sentiment in the local bourse. By market valuation, UBA is ranked as the third largest bank in the tier-1 segment.
Access Holdings Plc dragged down the Tier-1 banks’ combined market value as a result of negative price movement in the local bourse. Data from the Nigerian Exchange showed that Access Holdings dropped to N21.6 at the close of trading sessions last week, from N23.5.
Investors’ weak sentiment in the holdings knocked off more than N101 billion from its opening market value in the week. Details showed that Access Holdings Plc’s 53.317 billion shares outstanding in the market were valued at N1.151 trillion, losing more than 8% of its valuation week on week. LCCI Urges CBN to Indicate Cautious Future Rate Cuts
