The market value of United Bank for Africa (UBA) Plc has accelerated above FBN Holding (FBNH) after a stable, steady and solid rally following the Pan African lender’s earnings release in the third quarter of the year.
Sold at N25.6 against FBNH share which closed at N24, UBA has become the third largest in terms of market value in the banking category ahead of the fourth quarter earnings festival.
Data from the Nigerian Exchange (NGX) showed that UBA worth N875.50 billion on Friday after the bank share lost 1.54% to selloffs. FBNH’s market valuation settled at N861.487 billion at N24 per unit.
The elephant-branded financial services company’s market valuation had crossed N1 trillion in the latter part of the year after an unusual volume of transactions that took place on the stock.
Zenith Bank sneaks past GTCO Plc. Data from the Nigerian Exchange showed that Zenith Bank plc closed at N1.19 trillion, reclaiming its leading position from GTCO which was valued at N1.18 trillion.
The Nigeria’s largest commercial financial institution remains the lowest in term of market valuation ranking at N824 billion. Data from the local bourse suggest that Access plc has been on solid daily gains in the recent rallies more than GTCO, and Zenith bank.
FBNH has seen large uptrend but sentiment around the stock was disturbed by negative perception after large share acqusution by its erstwhile Chair, Oba Otudeko. The group however failed to recognised Otudeko shareholding in its third quarter earnings report.
This has made FBNH more volatile, with up and down swings on record. Some analysts believe omission of large shareholder from FBNH shareholders list could set a negative precedence for investing environment in 2024 if the issue remains unresolved.
At the close of the session on Friday, tier 1 banks market capitalisation was:
Zenith Bank: N1.19 trillion
GTCO: N1.18 trillion
UBA: N875.50 billion
FBNH: N861.5 billion
Accesscorp Plc: N824 billion
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