Banking stocks drive financial sector to N9.49tn market value
The financial services sector on the Nigerian Exchange closed with a total market capitalisation of N9.49tn, driven by performances from banking stocks, particularly Guaranty Trust Holding Company Plc, Zenith Bank Plc, and Access Holdings Plc.
Guaranty Trust Holding Company Plc emerged as the most valuable financial institution, with a market capitalisation of N2.07tn, trading at N60.50 per share. It was followed by Zenith Bank Plc, which recorded a market capitalisation of N1.96tn, with its share price closing at N47.75, reflecting a 0.42 per cent increase.
Access Holdings Plc also maintained its strong market position with a capitalisation of N1.24tn, despite a 0.64 per cent decline in its share price to N23.20. Similarly, United Bank for Africa Plc recorded a market capitalisation of N1.21tn, with its stock trading at N35.50, reflecting a 2.61 per cent decline.
First Bank Holdings Plc had a market capitalisation of N1tn, as its share price closed at N27.90, representing a 2.28 per cent drop. Fidelity Bank Plc, however, showed resilience, recording a market capitalisation of N843.57bn, with its share price appreciating by 1.19 per cent to N16.80.
Ecobank Transnational Incorporated recorded a market capitalisation of N532.14bn, trading at N29.00 per share, while Sterling Financial Holdings Company Plc closed with a capitalisation of N241.38bn, as its stock declined slightly by 0.19 per cent to N5.31.
Jaiz Bank Plc, a non-interest banking institution, continued to show growth potential with a market capitalisation of N150.71bn, with its share price increasing by 3.05 per cent to N3.38.
Meanwhile, Wema Bank Plc saw a 4.19 per cent drop in its share price to N10.30, with a market capitalisation of N220.73bn. Unity Bank Plc, which recorded no trading activity, maintained a market capitalisation of N17.65bn.
The PUNCH reported that FBN Holdings Plc emerged as the top tier-one banking stock on the Nigerian Exchange after its shares appreciated by 17.65 per cent year-to-date at the close of trading on Friday.
