First HoldCo Plc has become Nigeria’s most valuable listed banking stock, overtaking Zenith Bank Plc after a sharp rally in its share price pushed the group’s market capitalisation to a record N4.80 trillion, underscoring growing investor confidence in the financial holding company following its strongest-ever half-year earnings.
Market data from the Nigerian Exchange Market (NGX) on Monday showed First HoldCo closing with a market capitalisation of about N4.80 trillion, surpassing Zenith Bank at N4.79 trillion, while Guaranty Trust Holding Company (GTCO) ranked third at N4.71 trillion.
The development marks a significant shift in the hierarchy of Nigeria’s banking sector, with First HoldCo completing one of the strongest valuation re-ratings on the exchange this year. The stock rose by the daily maximum of 10 percent to close at N105.50 after investors reacted positively to the group’s half-year 2026 financial results.
The rally reflects a combination of record earnings, successful recapitalisation efforts,
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