First HoldCo overtakes Zenith as NGX’s most valuable banking group

First HoldCo Plc has displaced Zenith Bank as Nigeria’s most valuable listed banking group after its market capitalization climbed to N4.797 trillion at the close of trading on Monday.

Zenith Bank followed closely with a market value of N4.792 trillion, leaving only about N5 billion between the two lenders.

Guaranty Trust Holding Company ranked third at N4.71 trillion.

Together, First HoldCo, Zenith Bank and GTCO accounted for 54.6 percent of the combined market value of the 11 banking stocks listed on the Nigerian Exchange.

The sector’s total market capitalisation rose to N25.85 trillion from N25.18 trillion on July 17, adding about N670 billion within one trading session.

First HoldCo rises to first place

First HoldCo’s market value increased by N434.28 billion after its share price jumped 9.95 percent.

The stock closed at N105.50, up from N95.95 on July 17.

The rally pushed the financial group’s market capitalisation from N4.36 trillion to N4.797 trillion, placing it slightly ahead of Zenith Bank.

The share-price increase followed the release of First HoldCo’s half-year results, which showed an 83.5 percent rise in pre-tax profit to N653.54 billion.

Zenith Bank holds second position

Zenith Bank’s market capitalisation rose to N4.792 trillion after its shares gained 2.36 percent.

The stock closed at N116.70, compared with N114 at the end of the previous trading session.

The increase added N110.88 billion to Zenith Bank’s valuation, which previously stood at about N4.68 trillion.

Despite the gain, the lender slipped to second position after First HoldCo recorded a stronger rally.

GTCO slips slightly to N4.71tn

GTCO retained third position with a market capitalisation of about N4.71 trillion.

Its share price declined marginally from N129.20 to N129, cutting approximately N7.31 billion from its market value.

The small decline left GTCO behind First HoldCo and Zenith Bank but well ahead of other banking groups on the exchange.

Stanbic IBTC remains fourth

Stanbic IBTC Holdings maintained fourth position with a market capitalisation of N2.65 trillion.

Its shares traded flat at N166.90, leaving the company’s valuation unchanged from the previous session.

UBA climbs to N2.13tn

United Bank for Africa ranked fifth after its market capitalisation increased to N2.13 trillion.

The lender added about N128.16 billion in market value as its share price rose 6.37 percent.

UBA closed at N48.40, up from N45.50 on July 17.

The gain reflected stronger investor demand for the stock during Monday’s trading session.

Ecobank holds sixth position

Ecobank Transnational Incorporated ranked sixth with a market capitalisation of N1.55 trillion.

Its share price remained unchanged at N85.70, leaving its valuation flat.

Access Holdings moves ahead of Fidelity

Access Holdings climbed from eighth to seventh position after its market value rose to N1.38 trillion.

The company gained about N27.18 billion in market capitalisation as its share price increased from N25 to N25.50.

The increase allowed Access Holdings to move slightly ahead of Fidelity Bank.

Fidelity Bank drops to eighth

Fidelity Bank slipped to eighth position after its market capitalisation declined to N1.37 trillion from about N1.38 trillion.

Its share price fell by five kobo to N21.80 from N21.85.

The decline reduced the bank’s market value by approximately N3.15 billion.

Wema Bank retains ninth position

Wema Bank remained the ninth most valuable listed banking group, with a market capitalisation of N1.23 trillion.

Its valuation increased by N18.05 billion after the share price gained 1.47 percent.

Wema closed at N30.90, compared with N30.45 during the previous session.

FCMB rises to N778.26bn

FCMB Group ranked tenth with a market capitalisation of N778.26 billion.

The group added approximately N65.95 billion in market value from the N712.30 billion recorded on July 17.

FCMB’s share price increased by N1 to N11.80 from N10.80.

Sterling remains the smallest listed banking group

Sterling Financial Holdings Company ranked 11th with a market capitalisation of N530.73 billion.

Its valuation increased by N3.29 billion after the stock rose from N8 to N8.05.

The modest gain represented a 0.62 percent increase.

Why this matters

First HoldCo’s move to the top reflects how quickly strong earnings and investor demand can change the ranking of Nigeria’s largest banking stocks.

The company’s N4.797 trillion valuation does not necessarily mean it has more assets, deposits or profits than every other Nigerian bank. Market capitalisation measures the value investors place on a listed company based on its share price and outstanding shares.

The narrow N5 billion gap between First HoldCo and Zenith also means the leadership position could change after only a small movement in either company’s share price.

For investors, the ranking shows that the market is rewarding banks with stronger earnings, improved balance sheets and credible capital-growth strategies.

The combined dominance of First HoldCo, Zenith and GTCO also highlights the concentration of investor value within Nigeria’s banking sector.

Market leadership remains open

First HoldCo currently leads the sector, but its advantage over Zenith Bank remains extremely narrow.

Future movements will depend on earnings performance, dividend expectations, recapitalisation plans and investor confidence in each group’s growth strategy.

With GTCO also valued above N4.7 trillion, Nigeria’s race for the most valuable listed banking group remains a three-way contest.