At the conclusion of trading on Tuesday on the Nigerian Exchange Limited, the market capitalization of First Bank of Nigeria Holdings and Access Holdings Plc exceeded N1 trillion, joining United Bank of Africa, which had accomplished the momentous achievement on Monday.
This suggests that the market value of all FUGAZ companies—First Bank, UBA, Access Holdings (Access Bank), and GTCO (GTBank)—has now surpassed $1 trillion for the first time.
With their respective gains, AccessCorp and FBNH joined the N1 trillion club yesterday (Tuesday) with a market capitalization of N1.055 trillion and N1.026 trillion, respectively. After surpassing the N1 trillion market capitalization threshold earlier in December, FBNH fell by the following trading day. After entering the elite club with N1.022tn, UBA gained value to conclude Tuesday's trade at N1.114tn.
Before now, the only financial institutions included in the SWOOT category—which denotes equities valued at more than N1 trillion that are traded on the NGX—were Zenith Bank and GTCO. Nevertheless, FBNH and Stanbic IBTC, two other banking stocks, had already briefly ventured into this market.
The parent company of Access Bank, Access Holdings (ACCESSCORP), crossed the N1 trillion market capitalization threshold yesterday (Tuesday) when its shares increased by 8.39% to end at N29.70, bringing the bank's market capitalization to N1.056 trillion.
Moreover, FBN Holdings saw a 10% increase in its stock price, bringing its market value to N1.027 trillion, marking the company's highest point since December 6, 2023. The market caps of the more established SWOOT category members, like as GTCO and Zenith Bank, were N1.42 trillion and N1.49 trillion, respectively, when they stopped trading on January 9.
It means that the NGX has increased by around 11.26% in just six days of active trading on the Nigeria Exchange floor. But in 2024, the tier-1 banks have produced even more astounding returns.
FBNH has gained 21.4%, GTCO has gained 19%, UBA has gained 27.1%, ZENITHBANK has gained 22.5%, ACCESSCORP has gained 28.3%, and GTCO has gained 21.4% so far this year.
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