First HoldCo, Zenith Bank, GTCO, UBA, Eight Others’ Market Capitalisation Hits N27.4tn in July

The Nigerian stock market saw a significant boost in July 2026, with the combined market capitalization of ten major banks reaching N27.4 trillion. This represents a substantial increase from N23.33 trillion at the end of June, driven by robust corporate earnings and a renewed investor appetite for banking stocks.

The Nigerian Exchange Limited (NGX) Banking Index climbed by an impressive 22.10% during July, outperforming most other sectoral indices. Year-to-date, the Banking Index remains a strong performer, trailing only the Oil & Gas and Industrial Goods indices. The broader NGX All-Share Index also saw a healthy gain of 6.92% in July, contributing to a year-to-date return of 57.62%, fueled by sustained investor confidence, improved foreign exchange market conditions, and strong corporate financial results.

First HoldCo Plc emerged as the most capitalized banking stock, with its market value soaring from N2.55 trillion to N5.88 trillion. This surge followed a remarkable 131.13% increase in its share price, from N56.05 to N129.55. Investors reacted positively to the company's unaudited H1 2026 financial results, which reported an 83.5% rise in profit before tax to N653.5 billion and an 81.5% increase in profit after tax to N526.1 billion.

Zenith Bank Plc and Guaranty Trust Holding Company Plc (GTCO) secured the second and third positions, with market capitalizations of N5.07 trillion and N4.75 trillion, respectively. United Bank for Africa Plc (UBA) and Access Holdings Plc also experienced notable increases in their valuations, rising to N1.97 trillion and N1.43 trillion, respectively.