The share price of FBN Holdings, one of Nigeria’s oldest banks, yesterday crossed the N1 trillion market capitalization mark.
This followed back-to-back gains of about 10% which saw the share price increasing this week.
By hitting the N1 trillion market cap, FBNH now officially joins the SWOOTs, an acronym for Stocks Worth Over One Trillion Market Capitalization.
As of Wednesday morning, the FBNH has gained 9.91% or N2.65 to hit N1.056 trillion in market capitalization.
Other members of the SWOOT include Dangote Cement, Airtel Africa, MTN, and BUA Cement. Also included are BUA Foods, Seplat, and most recently Zenith Bank and GTCO.
FBN Holding has gained 160% year-to-date in 2023 after opening the year at about N11.15. The share price closed at N29.4 per share on Wednesday taking its market capitalization to N1,055,321,608,084.80.
FBN Holdings’ stock has seen a significant surge since 2022 when Nigeria’s popular billionaire Femi Otedola bought a majority stake in the bank with the stock price virtually quadrupling.