Zenith Bank solidified its position as the most capitalized financial institution listed on the Nigerian equities market, having gained N32.97 billion in the month of February 2022 to close the month at N850.85 billion.
This is according to data collected by Nairalytics , the research arm of Nairametrics from the Nigerian Exchange Group (NGX).
The Nigerian stock market enjoyed a bullish session in the review month as the all-share index, which is the benchmark metric in determining the performance of the market increased by 2.6% to close the month at 47,395 index points.
The banking sector also followed in the same direction as the NGX Banking Index appreciated by 3.2% month-on-month to close at 453.53 points as of 28th February 2022. Also, the aggregate market capitalization of all the banks under consideration grew by N46.61 billion to stand at N3.84 trillion. How bank stocks performed in February
Meanwhile, Zenith Bank recorded the highest gain in the period under review, further widening the gap between the first and the second on the list. Specifically, the gap between Zenith Bank and GT Bank widened from N26.18 billion recorded in January 2022 to N56.15 billion as of the end of February. Top banks by market valuation
The list maintained the same arrangement as the previous month, with Zenith Bank standing on top of the list with a valuation of N850.85 billion, representing 22.2% of the total banking market capitalization. GT Bank remained unchanged with a valuation of N791.69 billion, accounting for 20.6% of the total industry valuation. Stanbic IBTC and First Bank maintained third and fourth position with valuations of N453.49 billion and N412.8 billion respectively.
Also, Access Bank is valued at N367.89 billion at the Nigerian equities market to stand firth on the list, while UBA followed with a valuation of N295.83 billion as of the end of February 2022.
Others on the list include Ecobank Transnational (N219.28 billion), Union Bank (N183.46 billion), Fidelity Bank (N86.92 billion), FCMB (N61.39 billion), Sterling Bank (N47.22 billion), and Wema Bank (N37.03 billion).
The biggest upward mover in the review month in terms of percentage change is Wema Bank, after recording a 9.1% appreciation in its market capitalization to close the month at N37.03 billion compared to N33.95 billion recorded as of the end of the previous month. On the flip side, Sterling Bank recorded the highest decline with a 5.2% reduction in […]