First HoldCo Leads Historic Reshuffle as Nigeria's Banking Giants Add Nearly ₦700 Billion in Market Value

A fresh wave of investor confidence swept through Nigeria's banking sector on Monday, driving the combined market value of the country's listed banks to ₦25.85 trillion, up from ₦25.18 trillion recorded on July 17.

The latest trading session on the Nigerian Exchange (NGX) did more than lift valuations as it also reshaped the hierarchy among the country's largest lenders, with First HoldCo displacing Zenith Bank to become the most valuable banking institution listed on the exchange.

The rally further reinforced the dominance of Nigeria's biggest financial institutions as First HoldCo, Zenith Bank and Guaranty Trust Holding Company (GTCO) now account for 54.6 percent of the banking sector's total market capitalisation on the NGX.

The biggest story of the day belonged to First HoldCo. A strong 9.95 percent appreciation in its share price propelled the lender to the top of the market value rankings. Its shares climbed from ₦95.95 on July 17 to ₦105.50 at the close of trading on Monday, adding ₦9.55 per share. That performance increased the company's market capitalisation by ₦434.28 billion, lifting it from ₦4.36 trillion to ₦4.797 trillion.

Although Zenith Bank surrendered the number one position, it also enjoyed a positive trading session. Its share price rose by 2.36 percent, advancing from ₦114 to ₦116.70 per share. The gain translated into an additional ₦110.88 billion in market value, pushing its capitalisation from ₦4.68 trillion to ₦4.792 trillion, only narrowly behind First HoldCo.

GTCO maintained its place among the market leaders despite recording a slight decline. The lender's share price slipped from ₦129.20 on July 17 to ₦129 at the close of trading on July 20, resulting in a ₦7.31 billion reduction in market capitalisation from ₦4.72 trillion to ₦4.71 trillion.

Beyond the three market leaders, trading activity produced varying fortunes across the sector. United Bank for Africa (UBA) emerged as one of the strongest performers during the session. The bank's share price climbed from ₦45.50 to ₦48.40, representing a 6.37 percent increase. The rally added ₦128.16 billion to its market value, raising its capitalisation from ₦2.01 trillion to ₦2.13 trillion and securing fifth position among Nigeria's listed banks.

Stanbic IBTC Holdings retained fourth place with a market capitalisation of ₦2.65 trillion after its shares closed unchanged at ₦166.90. Ecobank Transnational Incorporated (ETI) also recorded a flat trading session, maintaining a market value of ₦1.55 trillion as its share price remained at ₦85.70, placing it sixth.

One of the notable changes in the rankings occurred just below the top six. Access Holdings climbed from eighth to seventh position after its market capitalisation increased by ₦27.18 billion, rising from ₦1.35 trillion to ₦1.38 trillion. The improvement followed a modest increase in its share price from ₦25 to ₦25.50.

The movement came at the expense of Fidelity Bank, which slipped to eighth place. Its market capitalisation declined by ₦3.15 billion, falling from ₦1.38 trillion to ₦1.37 trillion after its share price eased slightly from ₦21.85 to ₦21.80.

Wema Bank continued its steady upward momentum, strengthening its standing as the ninth most valuable bank on the NGX as its market value increased from ₦1.22 trillion to ₦1.23 trillion after its share price gained ₦0.45, or 1.47 percent, to close at ₦30.90, up from ₦30.45.

FCMB Group also delivered a strong performance. Its market capitalisation climbed by ₦65.95 billion from ₦712.30 billion to ₦778.26 billion as its share price advanced from ₦10.80 to ₦11.80.

Sterling Financial Holdings Company rounded out the list of the 11 listed banks. The company ended Monday's trading with a market capitalisation of ₦530.73 billion, up from ₦527.43 billion on July 17. The increase of ₦3.29 billion followed a 0.62 percent rise in its share price from ₦8.00 to ₦8.05.

The latest NGX figures illustrate the resilience of Nigeria's banking sector and the continued appetite of investors for banking stocks. While First HoldCo's rise to the top marks the most significant shift in the latest rankings, the bigger picture is one of sustained growth across the industry, with several lenders recording sizeable gains in market value as competition among Nigeria's banking giants continues to intensify.