The First Bank of Nigeria Holdings and Access Holdings Plc have crossed N1tn market capitalization at the close of Tuesday’s trading on the Nigerian Exchange Limited, joining the United Bank of Africa which achieve the historic feat on Monday.
These already implies that all FUGAZ (First Bank, UBA, Access Holdings (Access Bank), and GTCO (GTBank) have now crossed the 1 trillion market capitalization for the first time.
Yesterday (Tuesday), AccessCorp and FBNH gained about N82bn and N93bn each to join the N1tn club bringing their market cap to N1.055tn and N1.026tn respectively. Earlier in December, FBNH had crossed the N1tn market cap mark but dropped by the next trading session. UBA, which entered the elite club with N1.022tn, appreciated to N1.114tn at the close of Tuesday’s trading.
Previously, Zenith Bank and GTCO were the only banking members of the SWOOT category, which is used to describe stocks worth over N1 trillion trading on the NGX. However, other banking stocks such as Stanbic IBTC and FBNH had previously made a brief foray into this category.
By crossing the N1trillion market capitalization level yesterday, (Tuesday), Access Holdings (ACCESSCORP), the parent group of Access Bank, as its stock rose by 8.39% to close at N29.70, thus taking the bank’s market capitalization to N1.056 trillion
Also, FBN Holdings rebounded to its highest level since December 6, 2023, as its stock appreciated by 10%, reaching a market cap of N1.027 trillion. The older members of the SWOOT category, such as: GTCO and Zenith Bank, closed trading on January 9 with a market cap of N1.42 trillion and N1.49 trillion, respectively.
It implies that in just six days of active trading on the floor of Nigeria Exchange, the NGX has appreciated by about 11.26%. However, the tier-1 banks have achieved even more remarkable returns in 2024.
Year to date, ACCESSCORP has gained 28.3%, FBNH has gained 21.4%, GTCO has gained 19%, UBA has gained 27.1%, and ZENITHBANK has gained 22.5%.
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