Zenith Bank retains top spot as market valuation hits N817.9bn

Zenith Bank maintained the top spot with a market valuation of N817.9 billion as of the end of January, 2022, closely followed by GT Bank with a market cap of N791.7 billion. Stanbic IBTC with N463.2 billion valuation stands in third place, while First Bank’s valuation stood at N412.8 billion as of the end of January 2022.

According to data from the Nigerian Exchange Group (NGX), the banking sector market capitalization rose from N6.35 trillion recorded at the end of 2021 to close at N6.73 trillion in January 2022, indicating a 3.1 percent month-on-month increase.

The market capitalization of listed banks, Zenith Bank gained the highest in the review month, recording a N28.3 billion in its market capitalization, while Wema Bank recorded the highest boost in terms of percentage relative to the previous month.

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On the flip side, Unity Bank has the lowest market capitalization with N5.96 billion, following a N351 million decline compared to the previous month. Jaiz. Bank also followed with a valuation of N23.5 billion, albeit a N4.1 billion gain in the month of January 2022.

Others on the list include Access Bank with N351.9 billion, UBA (N294.1 billion), Union Bank (N174.7 billion), Fidelity Bank (N81.4 billion), FCMB (N61.9 billion), Sterling Bank (N49.8 billion), and Wema Bank with valuation at N33.9 billion.

Zenith Bank also led the list of most improved banks in terms of monetary value with a gain of N28.3 billion, owing to the 3.58 percent increase in its share price to close the month at N26.05 per share. GT Bank followed with a market appreciation of N26.49 billion as its share price rallied by 3.46 percent in the month under review.

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Access Bank recorded a gain of N21.3 billion, while UBA rallied by N18.8 billion to close at N294.1 billion in January 2022.

On the other hand, Wema Bank grew its valuation by 22.2 percent in the month under review, representing the most improved bank in terms of percentage relative to the previous month, followed by Jaiz Bank, which gained 21.4 percent and Sterling Bank with a gain of 14.6 percent in the month under review.