UBA displaces GTCO as Nigeria’s most valuable listed bank

United Bank for Africa (UBA) has displaced Gtbank as Nigeria’s most valuable listed bank as its share price crossed N29.90, taking the bank’s market capitalization to N1.02 trillion, making the bank the latest member of the stocks worth over one trillion (SWOOTs)

Current members of the category include MTN Nigeria, Airtel Africa, Dangote Cement, BUA Foods, BUA Cement, GTCO Holdings, Zenith Bank, and Seplat Energy.

With N1.02 trillion in market valuation, UBA is now the most valuable listed bank in Nigeria,  displacing GTCO with N1.01 trillion which had the honour in the third quarter of 2023.

On December 6, 2023, FBNH, the parent group of First Bank Limited also crossed the N1 trillion mark, however, it dropped back the next day. Stanbic IBTC also crossed the N1 trillion mark in 2023.

Dangote Cement sits comfortably at the top as the most valuable company in the country as of September 2023 with a valuation of N5.79 trillion, after gaining 19.3 per cent (N937.2 billion) in valuation.

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Nigeria’s telecommunication giant, MTN Nigeria ranked as the second most capitalized company in the stock market, with a capitalization of N5.54 trillion, representing 15 per cent of the market.

Airtel Africa recorded a market capitalization of N4.85 trillion, down from N4.96 trillion recorded as of the end of June. However, the firm accounted for 13 per cent of the entire market as of the period under review.

BUA Foods ranked fourth on the list of most valuable companies as of September 2023, with a market valuation of N3.65 trillion, accounting for 10 per cent of the entire market valuation.

Cement-producing company, BUA Cement dropped to fifth position in September, losing its initial fourth position to its sister company BUA Foods as its market capitalization, which was N3.12 trillion as of the previous quarter, dipped by 7.3 per cent to close the period at N2.89 trillion.
Another company that was inducted into the N1 trillion valuation gang in the third quarter of 2023 is Seplat Petroleum, having a whopping 31.2 per cent in the third quarter of the year to hit a valuation of N1.08 trillion.

Guaranty Trust Holding with a valuation of N1.01 trillion, is the most valuable listed bank in Nigeria and the seventh most capitalized across all industries.

Stanbic IBTC Holdings recorded a huge leap in the third quarter of the year to join the N1 trillion gang, with a price of appreciation of 44.4 per cent, which the firm’s valuation hit N1.01 trillion.

Zenith Bank ranked ninth with a valuation of N987.42 billion, signifying an N87.91 billion loss when compared to N1.08 trillion recorded as of the end of the previous quarter.

Zenith Bank accounted for 3 per cent of the market, representing one of three banks in this elite ranking.