Market Value of Eight Nigerian Banks Increase by N109 Billion in 24 Hours

• The market value of eight major Nigerian banks surged by N109 billion in a single trading session.
• This is according to data obtained from the Nigerian Exchange Limited (NGX), where the companies' shares are traded
• Nigerian banks remain among the best in Africa, with many embarking on expansion across the continent

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Data from the Nigerian Exchange Limited (NGX) has revealed that the combined market capitalisation of eight Nigerian banks surged by N109 billion in a single trading session.

The eight banks include United Bank for Africa (UBA), Zenith Bank PLC, Access Holdings PLC, FBN Holdings PLC, Fidelity Bank PLC.

Others are Guaranty Trust Holding Company PLC (GTCO), and Sterling Financial Holdings Company PLC

According to NGX data the banks closed December 24 with a total market capitalisation of N7.20 trillion from the N7.09 trillion recorded on December 23

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Market capitalisation represents the total market value of a company's outstanding shares of stock.

It is calculated by multiplying the current price of a single share by the total number of shares in circulation, market capitalisation serves as a quick indicator of a company's size and market value.

How the bank performed?

Punch reports that United Bank for Africa (UBA) market cap rose to N1.23 trillion, up from N1.20 trillion, as its share price climbed by 2.86% to close at N36.00 from N35.00.

Zenith Bank's closing share price of N46.00 means its market capitalisation stands at N1.44 trillion.

Access Holdings PLC recorded a 0.61% increase in its share price to close at N24.70 from N24.55, raising its market capitalisation to N877.97 billion from N872.64 billion.

Before the Christmas holidays, FBN Holdings posted a 2.76% gain in its share price to N27.90 from N27.15, boosting its market capitalisation to N1.00 trillion from N974.56 billion.

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Fidelity Bank PLC recorded a 5.11% increase in its share price to close at N17.50 from N16.65. This raised its market capitalisation to N560.21 billion from N533.00 billion.

Guaranty Trust Holding Company PLC's share price stood at N57.95 on Tuesday, December 24, resulting in its market capitalisation of N1.71 trillion.

Sterling Financial Holdings Company PLC recorded a share price increase to N5.85 from N5.50. This pushed its market capitalisation to N168.42 billion from N158.35 billion

Zenith, GTB and 8 other pay N150bn tax

Earlier, Legit.ng reported that ten Nigerian banks listed on the NGX paid over N155 billion in income tax to the federal government a 33.50% increase from the previous year

Zenith Bank paid the most income tax of N60.74 billion, followed by Guaranty Trust Holding Company

Nigerian law requires large corporations with a gross turnover of over N100 million to pay a Company Income Tax rate of 30% on their profits to the Federal Government through the Federal Inland Revenue Service (FIRS).

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Source: Legit.ng