Zenith Bank soared above all competitors in the FUGAZ club with N817.9 billion market value in January 2022, N26.2 billion more than GT Bank in the next rank, in a month that saw Stanbic IBTC in third place and Unity Bank in the rear.
Zenith Bank retained its top spot gained with N789.6 billion to lead FUGAZ as the most capitalised bank on the Nigerian Stock Exchange (NSE) in 2021.
FUGAZ is the acronym for Tier-1 banks in Nigeria, the five biggest by market capitalisation – FirstBank, United Bank for Africa (UBA), Guaranty Trust Bank (GTCo), Access Bank, and Zenith Bank.
Zenith Bank, GT Bank, and Stanbic IBTC Holdings retained slots in the top five of most valuable commercial banks as the market capitalisation of the 13 listed banks increased by N194.5 billion in January.
Nigerian Exchange Group (NGX) data shows that bank capitalisation rose from N6.35 trillion in December 2021 to N6.73 trillion in January 2022, a 3.1 per cent month-on-month (MoM)
NGX banking index climbed 8.7 per cent to 441.4 index points.
The All-Share index of the stock market rallied 9.15 per cent to 46,624.67 points, market capitalisation closed at N25.1 trillion.