- Banking stocks are among the most sought after by investors on the Nigerian stock market
- While some banking stocks are expensive, others are among the most affordable on the market
- Legit.ng examined the price movements of the 13 commercial banks that are publicly traded on the Nigerian exchange
Banks continue to be one of the first options for any foreign or domestic investor looking to invest in Nigeria.
While various financial metrics can influence their decisions, the bank's share price is key.
According to data from the Nigerian Exchange Group (NGX), which companies' shares are publicly traded as at Thursday, September 8, Zenith Bank has the most expensive stock among the 13 publicly traded commercial banks.
NGX data shows that the share price of Zenith closed trading on Thursday at N20.05 per share.
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Eco Bank and First Bank are the second and third most expensive banking stocks, with closing prices of N11.1 and N10.6 per share, respectively.
List of banks and their share price as of September 8, 2022
- Access Bank N8.65
- FCMB N3.3
- Fidelity N3.6
- GT N19.8
- Stanbic N30
- Sterling N1.47
- Union bank N6
- United bank of Africa N7.3
- Unity bank N0.43
- Wema N3.5
Five banks shareholders have a lot to cheer
Meanwhile, five of the bank's shares stand out when the above-mentioned shares are compared to how they began the year (2022) and ended the first half of 2022.
What this means is that investors who had invested in these banks shared billions as their investments appreciated.
The banks with increased value in the six months are Wema Bank, Fidelity Bank, Ecobank, FCMB, and Union Bank.
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Wema's share price increased by 343.05 to N3.19kobo at the end of June, up from N0.72kobo at the start of the year.
Fidelity Bank increased by 34.11% as it closed June at N3.42kobo, up from N2.55kobo when the year began.
Between January and June 2022, Ecobank shareholders saw their investment grow by 21.83%, reaching N10.60kobo from N8.70kobo in January.
FCMB was the fourth best-performing bank stock in the first half of 2022, generating a 15.71% investment growth for its shareholders as the share price increased to N3.46kobo after six months. It began the year with a price of N2.99kobo.
Union Bank increased by 4.23% to N6.15kobo after trading at N5.90kobo at the start of the year's first month.
Dangote Cement leads list of the 10 biggest companies
Legit.ng had earlier reported that Dangote Cement and MTN Nigeria are the two biggest publicly listed companies in Nigeria.
The two firms are among the five biggest companies in the exclusive club of over N1 trillion market capitalisation.
Using data from Nigeria Exchange, the report showed how much each of the top firms are worth and their share price for anyone looking to invest.