Nigerian Banking Stocks Drive Financial Sector to N9.49tn Market Cap
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The Nigerian financial services sector closed trading with a total market capitalisation of N9.49tn, buoyed by the strong performances of key banking stocks, including Guaranty Trust Holding Company Plc (GTCO), Zenith Bank Plc, and Access Holdings Plc.
GTCO emerged as the most valuable financial institution, securing a market capitalisation of N2.07tn, with its shares trading at N60.50. Zenith Bank followed closely with a capitalisation of N1.96tn, as its share price edged up by 0.42% to close at N47.75.
Mixed Fortunes Across the Sector
Access Holdings Plc maintained a solid market position with a capitalisation of N1.24tn, despite a 0.64% decline in its share price to N23.20. United Bank for Africa Plc (UBA) also saw a dip, with its share price falling by 2.61% to N35.50, leaving its market value at N1.21tn.
First Bank Holdings Plc recorded a market capitalisation of N1tn, as its share price dropped by 2.28% to N27.90. However, Fidelity Bank Plc bucked the trend, posting a 1.19% gain, which lifted its share price to N16.80 and its market capitalisation to N843.57bn.
Ecobank Transnational Incorporated ended the session with a market capitalisation of N532.14bn, trading at N29.00 per share. Meanwhile, Sterling Financial Holdings Company Plc recorded a slight 0.19% decline, closing at N5.31, with a market valuation of N241.38bn.
Jaiz Bank Gains, Wema Bank Slides
Among the smaller players, Jaiz Bank Plc, Nigeria’s leading non-interest banking institution, showed strong growth potential, with its share price rising by 3.05% to N3.38, lifting its market capitalisation to N150.71bn.
In contrast, Wema Bank Plc suffered a 4.19% drop in its share price, closing at N10.30, with a market capitalisation of N220.73bn. Unity Bank Plc, which recorded no trading activity, remained unchanged at N17.65bn.
While some banking stocks posted gains, the sector remains subject to market fluctuations amid broader economic pressures. Investors will be watching closely to see whether the momentum in banking equities can sustain the sector’s robust market capitalisation in the coming weeks.
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