Nigeria’s Big Banks Near N14trn MV in Stock Market
Tier-1 banks: GTCO, Zenith, First Holdco, UBA, and Access Plc added N778 billion to their combined market value (MV) in the Nigerian stock market as investors stepped up actions.
The capital appreciation record by these top lenders buoyed their combined market value to N13.812 trillion, according to trading data analysed by MarketForces Africa.
GTCO’s market value climbed by N219 billion week on week to N4.312 trillion, maintaining its position as the most valuable among the Tier 1 lenders.
Zenith Bank gained N209.456 billion over 5 trading days. Its market capitalisation grew to N3.552 trillion, according to data from the Nigerian Exchange.
First Holdco surged by more than 12% last week, and the momentum pushed its market capitalisation in the local bourse to N2.4 trillion. The non-operating company of the First Bank of Nigeria saw the highest gain, totalling N260.054 billion.
UBA gained about N31 billion as trading activities fluctuated ahead of the group’s earnings release. The Pan-African lender’s soft rally pushed its market value to N2.165 trillion, ranking it fourth among tier lenders.
Access Holding Plc saw a growth in market value, with a weekly gain of N58.649 billion. Investors’ sentiment improved, and the largest Nigerian lender by total assets experienced moderate buying interest in the local bourse.
At the close of the trading session on Friday, Access Holdings’ market value increased to N1.38 trillion. In total, the tier-1 banks gained N778 billion last week amid heated bargain-hunting. This pushed their combined market capitalisation to N13.812 trillion UBA Climbs to N2.1trn as Investors Bet on Earnings Outlook
