The stock market worth of Nigerian large banks has surpassed N6 trillion after increasing by roughly 13% this week. MarketForces Africa stated at the end of the trading session on Friday that the total worth of the top five banks on the Nigerian Exchange had settled at N5.4 trillion.
According to data from the Nigerian Exchange, the aggregate market worth of Zenith, GTCO, UBA, ACCESS, and FBNH was N6.132 trillion. Banking companies commanded higher prices during the most recent rise, as investors’ focus switched to financial equities.
The most recent market development revealed a persistent increase in demand for financial equities, notably the steadily rising insurance index.
This time, growth is being fueled by strong mood ahead of the fourth-quarter results announcement in 2023, as well as the anticipation that firms would declare and pay dividends in no long distant.
One notable development is the fact that the banks’ share prices have inched higher, making entry transactions more expensive than it was previously. FBN Holdings’ share price is the lowest in the tier-1 bank category, selling at N28.6 as the financial services market valuation settled at N1.026 trillion on Tuesday.
At a market value of N1.056 trillion, Access Bank Plc is the second lowest in terms of the market price of its shares, selling at N29.70 after a large share ramp-up in the local bourse on the same day. UBA’s share price climbed to N32.6.
The Pan African lender has been on the line of share price re-rating since its earnings release in the third quarter of 2023. The improved investor sentiment has pushed its value ahead of its two other tier-1 banks, one happened to be the largest in terms of total assets and the other the oldest in the sector.
GTCO is now worth N1.418 trillion to the Nigerian Exchange as the orange brand keeps its earnings on the rise, the closing share price as of Tuesday was N48.2. This makes it expensive for large share acquisition in the open market.
Now, Zenith Bank Plc is the most valuable in the Banking index as its market value climbed to N1,486 trillion following sustained buying interest in the equities market. The bank share price has now climbed to N47.2 as of Tuesday.
