The Nigerian Exchange’s financial services sector reached N9.49tn, driven by banking stocks like Guaranty Trust Holding, Zenith, and Access Holdings

The financial services sector on the Nigerian Exchange (NGX) has closed with a significant market capitalisation of N9.49 trillion, underpinned by strong performances from key banking stocks.

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Guaranty Trust Holding Company Plc (GTCO), Zenith Bank Plc, and Access Holdings Plc emerged as major drivers of this growth, marking another milestone for the Nigerian stock market.

Guaranty Trust Holding Company Plc led the charge, maintaining its position as the most valuable financial institution in Nigeria, with a market capitalisation of N2.07 trillion.

GTCO’s stock closed at N60.50 per share, reaffirming investor confidence in the company. Zenith Bank Plc followed closely behind, recording a market capitalisation of N1.96 trillion. Zenith’s share price increased by 0.42% to N47.75, demonstrating a solid performance amidst challenging market conditions.

Access Holdings Plc also maintained a strong market position with a capitalisation of N1.24 trillion. Despite a slight decline of 0.64% in its share price to N23.20, Access Holdings continues to be a key player in the financial services sector.

United Bank for Africa Plc (UBA) recorded a market capitalisation of N1.21 trillion, with its stock trading at N35.50. This reflected a decline of 2.61% in its share price, yet UBA continues to maintain a robust presence in the market.

First Bank Holdings Plc, one of Nigeria’s oldest financial institutions, had a market capitalisation of N1 trillion. The bank’s share price closed at N27.90, representing a 2.28% drop, reflecting some market challenges.

In contrast, Fidelity Bank Plc proved resilient, with a market capitalisation of N843.57 billion. Fidelity’s share price appreciated by 1.19%, closing at N16.80, signalling investor confidence despite the overall market trend.

Ecobank Transnational Incorporated saw its market capitalisation rise to N532.14 billion, with its stock trading at N29.00 per share. Sterling Financial Holdings Company Plc, however, had a slight dip of 0.19% in its share price, closing at N5.31, resulting in a market capitalisation of N241.38 billion.

Jaiz Bank Plc, a non-interest banking institution, continued to show potential for growth, recording a market capitalisation of N150.71 billion. The bank’s share price rose by 3.05% to N3.38, reinforcing its growing market presence.

Wema Bank Plc, despite showing a 4.19% decline in its share price to N10.30, maintained a market capitalisation of N220.73 billion. Unity Bank Plc saw no trading activity, but its market capitalisation remained at N17.65 billion.

FBN Holdings Plc stood out as the top tier-one banking stock on the Nigerian Exchange, with its shares appreciating by 17.65% year-to-date at the close of trading on Friday. This growth reinforces the positive outlook for the financial sector, which continues to attract investors despite market fluctuations.

The performance of the financial services sector, driven by banking stocks, is expected to contribute further to the overall growth of the Nigerian Exchange in the coming months.