First HoldCo has emerged as Nigeria’s most valuable bank on the Nigerian Exchange (NGX), overtaking long-time market leader Zenith Bank after a strong rally in its share price. At the close of trading on Monday, First HoldCo’s market capitalisation climbed to N4.797 trillion, narrowly edging Zenith Bank’s N4.792 trillion valuation. The milestone marks a significant shift in the banking sector and highlights growing investor confidence in the financial institution.
The surge was driven by a 9.95 percent increase in First HoldCo’s share price, which rose from N95.95 to N105.50 within a single trading session. The gain added over N434 billion to the company’s market value, pushing it ahead of Zenith Bank for the first time in recent months. The development underscores the intense competition among Nigeria’s top-tier banks as investors continue to seek opportunities in the financial sector.
Despite losing the top spot, Zenith Bank maintained a strong performance, recording a 2.36 percent increase in its share price. The bank’s market valuation grew by N110.88 billion to reach N4.792 trillion. Meanwhile, Guaranty Trust Holding Company (GTCO) remained close behind in third place with a market capitalisation of N4.71 trillion, despite a slight decline in its share price during the trading session. Together, First HoldCo, Zenith Bank, and GTCO account for more than half of the banking sector’s total market value on the NGX.
Elsewhere, United Bank for Africa (UBA) strengthened its position among the leading lenders, recording a 6.37 percent rise in share price and increasing its market capitalisation to N2.13 trillion. Access Holdings also climbed one place in the rankings, moving to seventh position after posting gains in market value. On the other hand, Fidelity Bank slipped to eighth place following a marginal decline in its share price and overall valuation.
The broader banking sector also enjoyed a positive trading day, with the combined market capitalisation of the 11 listed banks rising from N25.18 trillion to N25.85 trillion. Analysts say the latest movements reflect renewed investor interest in banking stocks, driven by strong earnings expectations and confidence in the sector’s long-term growth prospects. As competition intensifies among Nigeria’s biggest lenders, market watchers will be closely monitoring whether First HoldCo can maintain its newly acquired leadership position in the weeks ahead.
source: The cable
