First HoldCo Overtakes Zenith as Most Valuable Bank

First HoldCo's shares appreciated by 9.95 percent, rising from N95.95 to N105.50 per share. The gain lifted the company's market capitalisation by N434.28 billion from N4.36 trillion to N4.797 trillion, allowing it to edge past Zenith Bank.

First HoldCo has displaced Zenith Bank as Nigeria's most valuable listed lender after a sharp rally in its share price pushed its market capitalisation to N4.797 trillion at the close of trading on Monday, underscoring sustained investor appetite for banking stocks on the Nigerian Exchange (NGX).

The milestone came as the combined market value of the 11 listed banks on the NGX climbed to N25.85 trillion, up from N25.18 trillion on July 17, with First HoldCo, Zenith Bank and Guaranty Trust Holding Company (GTCO) accounting for more than half of the sector's total valuation.

First HoldCo's shares appreciated by 9.95 percent, rising from N95.95 to N105.50 per share. The gain lifted the company's market capitalisation by N434.28 billion from N4.36 trillion to N4.797 trillion, allowing it to edge past Zenith Bank.

Zenith Bank slipped to second place despite posting gains of its own. Its share price rose 2.36 percent from N114 to N116.70, increasing its market value by N110.88 billion to N4.792 trillion.

GTCO retained third position with a market capitalisation of N4.71 trillion after a marginal decline in its share price from N129.20 to N129.00, trimming about N7.31 billion from its valuation.

Stanbic IBTC Holdings remained fourth with an unchanged market capitalisation of N2.65 trillion as its shares closed flat at N166.90.

United Bank for Africa (UBA) ranked fifth after its market value rose by N128.16 billion to N2.13 trillion. The lender's share price advanced 6.37 percent, climbing from N45.50 to N48.40.

Ecobank Transnational Incorporated (ETI) maintained sixth position with a market capitalisation of N1.55 trillion, as its shares also traded flat at N85.70.

Access Holdings moved up one place to seventh after its market value increased to N1.38 trillion from N1.35 trillion. The gain followed a rise in its share price from N25.00 to N25.50.

Fidelity Bank dropped to eighth after a slight decline in its share price from N21.85 to N21.80, reducing its market capitalisation by N3.15 billion to N1.37 trillion.

Wema Bank retained ninth position, with its market value increasing to N1.23 trillion after its share price gained 1.47 percent to close at N30.90.

FCMB Group ranked 10th with a market capitalisation of N778.26 billion, supported by a rise in its share price from N10.80 to N11.80.

Sterling Financial Holdings Company remained the least valuable among the listed lenders, closing the day with a market capitalisation of N530.73 billion, up slightly from N527.43 billion after its shares appreciated from N8.00 to N8.05.