All tier-1 banks surpass N1tr capitalisation as Index crosses 83,000 points

In continuation of the 2024 boom, the NGX has achieved its highest single-day gain since June 13, 2023 which has seen the All-Share Index appreciated by 3.57%, gaining 2,867.31 points to reach a total of 83,191.84 points.

The milestone achieved comes one day after the All-Share Index crossed the 80,000 mark.

Equities gained about N1.567 trillion as the market capitalization appreciated by 3.57% to N45.524 trillion, the previous day’s N43.957 trillion.

Some of the biggest gainers in the market included FBN Holdings (First Bank) which gained about 10% to rebound back into the SWOOT category. Consumer goods companies, Unilever and Cadbury also gained about 10% each.

In terms of trading volume, there was an 18.5% appreciation to 1.41 billion units, compared to yesterday’s 1.19 billion units. Also, in trading value, there was a whopping 61.7% appreciation to N24.68 billion from yesterday’s N15.26 billion

Nigeria’s tier-1 banks have surpassed the N1 tr market capitalization

After a remarkable trading day, all the tier-1 rated banks in Nigeria have now crossed the N1 trillion market capitalization mark.

The tier-1 banks in Nigeria are FBN Holdings (First Bank), Access Holdings (Access Bank), GTCO (GTBank), UBA, and Zenith Bank.

Previously, Zenith Bank and GTCO were the only banking members of the SWOOT category, which is used to describe stocks worth over N1 trillion trading on the NGX.

However, other banking stocks such as Stanbic IBTC and FBNH previously made a brief foray into the category.

On January 8, UBA appreciated by 10% to hit N1.023 trillion, a historic milestone. Unlike, FBNH which dropped back below N1 one day after crossing the N1 trillion mark, UBA further appreciated by 9.03% to take its market cap to N 1.115 trillion yesterday.

Access Holdings (ACCESSCORP), the parent group of Access Bank crossed the N1 trillion market capitalization level, as its stock appreciated by 8.39% to close at N29.70, thus taking the bank’s market capitalization to N1.056 trillion.

Similarly, FBN Holdings, rebounded to its highest level since December 6, 2023, as its stock appreciated by 10% to reach a market cap of N1.027 trillion.

Older members of the SWOOT category, GTCO and Zenith Bank, closed trading with a market cap of N1.42 trillion and N1.49 trillion respectively.