Two Nigerian Banks Cross the N1 Trillion Market Capitalization as Stock Market Booms on Tinubu’s Reforms
- Two of Nigeria’s top-tier banks have surpassed the N1 trillion in market capitalization
- Zenith Bank and Guarantee Trust Bank have hit the N1 trillion mark in market capitalization, respectively
- GTB joined Zenith Bank at the exclusive club with a market cap of N1.01 billion on Tuesday, June 27, 2023.
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Two top Nigerian banks, Zenith Bank and Guarantee Trust Bank, have crossed the N1 trillion capitalization mark.
The development comes as the stock market all-share index surpassed 60,000 points on Tuesday, June 27, 2023, pushing the market to a year-to-date positive return of +71.28%.
Source: UGC
Zenith Bank and GTCo are Nigeria's most capitalised banks
Legit.ng reported earlier that Zenith Bank is now valued at N1.067 trillion, with the share price nearing a one-year high of N35.5 after investors traded 52,436,609 bank shares on Tuesday, June 27, 2023.
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The bank’s shares are valued at N1.77 billion, with about 31,396,493 786 outstanding shares.
Also, GTCo is valued at N1.01 trillion at N34.4 per share.
The bank’s outstanding shares are 29,431,179 244, with the share price also nearing a 52-week high of N35.5.
GTB has outstanding shares worth N2.629 billion.
BusinessDay reports that the development comes as banking stocks are headed for a six-year high as investors applaud the Central Bank of Nigeria (CBN) for its foreign exchange liberalization policy.
Investors rush bank shares on NGX
Investors are also optimistic about oil and gas stocks following the removal of the petrol subsidy.
Equities trading on Tuesday, June 27, 2023, revealed that NGX Banking Index had spiked this year by 51.06%, while NGX Oil and Gas Index is 66.45%.
Also, NGX Insurance Idex has increased by 58.80%, while NGX Consumer Goods Index increased by 51.05%.
The market strengthened on Tuesday, June 27, 2023, as positive sentiment continued on the floor of the Nigerian Stock Exchange.
The market has risen by 7.78% since June 2023.
On Monday, the NGX All-Share Index and its equities Market Cap stood at 59,338.76 points and N59.338 trillion, respectively, spiking to 60,108.86 points and N32.72 trillion.
Other banks exceed market expectation
Access Corporation GTB, UBA, Sterling Bank, and Zenith Bank were the most actively traded stocks in 9,463 deals, exchanging 763.696.263 shares valued at N12.533 billion.
Access Corporation, GTCO, UBA, Sterling Bank, and Zenith Bank were actively traded stocks on Tuesday as investors in 9,463 deals exchanged 763,696,265 shares worth N12.533 billion.
“UBA N20.9 Billion:” Top Nigerian banks with highest earnings from PoS, USSD, others in Q1 2023
Legit.ng reported that Nigerian banks continued to use technology in the first quarter of 2023, earning N96.483 billion from their electronic businesses.
The earnings represent a 23.84% spike from the N77.907 billion earned in the previous quarter of 2023.
The two highest earners from electronic business income were UBA and Access Holdings.
Source: Legit.ng
