Nigerian Tier-1 banks saw their combined market value rise by ₦12.656 billion to ₦5.84 trillion in the equities market as of Friday, supported by positive performances from four of the five top banks.
Zenith Bank, FBN Holdings, UBA, and Access Holdings recorded gains, while GTCO experienced a decline due to profit-taking by investors.
GTCO
GTCO’s market capitalization dropped by ₦48.561 billion to ₦1.558 trillion, with its share price falling to ₦52.95 from a peak of ₦57. The stock remains 7% below its 52-week high as investors reallocate portfolios to optimize returns.
Zenith Bank
Zenith Bank saw its valuation rise by ₦6.279 billion to ₦1.397 trillion after announcing the launch of a new branch in Paris, France. Its share price remained steady at ₦44.50, trading at a 6% discount to its 52-week high of ₦47.35.
UBA
UBA’s market capitalization crossed the ₦1 trillion mark, making it the third-largest Tier-1 bank. Its share price increased to ₦32.7, up from ₦32.35, as investors responded positively to the bank’s rights issue offerings. Despite the gain, UBA remains 4% below its 52-week high of ₦34.
FBN Holdings
FBN Holdings recorded the highest absolute gain among the Tier-1 banks, with its valuation rising by ₦32.305 billion to ₦944.046 billion. Its share price climbed to ₦26.3, up from ₦25.4, as investors capitalized on its discounted valuation, which remains over 40% below its 52-week high.
Access Holdings
Access Holdings posted a weekly gain of ₦10.663 billion, raising its valuation to ₦824.649 billion. The stock price increased to ₦23.2 from ₦22.90, despite ongoing litigation claims of over ₦11 trillion. The bank’s valuation remains 24% below its 52-week high of ₦30.7.
Market Outlook
Analysts highlight that inflationary pressures and rising interest rates continue to shape investor sentiment across Nigeria’s financial markets. While Treasury bills and banking stocks have attracted strong interest, the sustainability of current trends remains uncertain in the face of macroeconomic challenges.
