As part of a boom in the NGX, FBN Holdings, the parent group of First Bank Limited has once again crossed the N1 trillion market capitalisation level, making the bank the latest member of the stocks worth over one trillion (SWOOTs)
The stock gained 10 per cent to close at N28.60 on January 9, 2024, thus taking its market capitalization to N1.026 trillion.
This comes one day after the United Bank for Africa (UBA) also crossed the N1 trillion market cap.
This is not the first time First Bank has crossed the N1 trillion market cap as it crossed the mark on December 6, 2023.
The advancement by First Bank means there are now 10 companies with a market capitalization exceeding N1 trillion in the Nigerian Exchange (NGX).
Current members of the category include MTN Nigeria, Airtel Africa, Dangote Cement, BUA Foods, BUA Cement, GTCO Holdings, Zenith Bank, and Seplat Energy.
With N1.026 trillion in market valuation, FBNH is now the most valuable listed bank in Nigeria, displacing UBA with N1.02 trillion and GTCO with N1.01 trillion which had the honour in the third quarter of 2023.
On December 6, 2023, FBNH, the parent group of First Bank Limited also crossed the N1 trillion mark, however, it dropped back the next day. Stanbic IBTC also crossed the N1 trillion mark in 2023.
Dangote Cement sits comfortably at the top as the most valuable company in the country as of September 2023 with a valuation of N5.79 trillion, after gaining 19.3 per cent (N937.2 billion) in valuation.
Nigeria’s telecommunication giant, MTN Nigeria ranked as the second most capitalized company in the stock market, with a capitalization of N5.54 trillion, representing 15 per cent of the market.
Airtel Africa recorded a market capitalization of N4.85 trillion, down from N4.96 trillion recorded as of the end of June. However, the firm accounted for 13 per cent of the entire market as of the period under review.
BUA Foods ranked fourth on the list of most valuable companies as of September 2023, with a market valuation of N3.65 trillion, accounting for 10 per cent of the entire market valuation.
Cement-producing company, BUA Cement dropped to fifth position in September, losing its initial fourth position to its sister company BUA Foods as its market capitalization, which was N3.12 trillion as of the previous quarter, dipped by 7.3 per cent to close the period at N2.89 trillion.
