Driven by strong corporate earnings and renewed investors' appetite for banking stocks, the combined market capitalisation of Zenith Bank, Guaranty Trust Holding Company Plc (GTCO), First Bank (First HoldCo Plc), United Bank for Africa (UBA), A

ccess Holdings Plc, Fidelity Bank, Wema Bank, and five other listed banks on the Nigerian Exchange Limited (NGX) rose to N27.4 trillion at the close of trading in July 2026, from N23.33 trillion at the end of June.

The N27.4 trillion valuation represented about 17.3 per cent of the NGX's overall market capitalisation of N158.33 trillion as of July 31, 2026.

During the month under review, the NGX Banking Index appreciated by 22.10 per cent, outperforming the broader market and several other major sectoral indices.

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On a year-to-date (YtD) basis, the Banking Index ranked among the leading sectoral indices on the Exchange, behind the NGX Oil & Gas and NGX Industrial Goods indices, which had appreciated by 96.32 per cent and 85.42 per cent respectively.

The NGX All-Share Index (ASI), meanwhile, gained 6.92 per cent in July, bringing its YtD return to 57.62 per cent, driven by sustained investors' confidence, improved conditions in the foreign exchange market, impressive corporate earnings and renewed demand for fundamentally sound stocks.

First HoldCo emerged as the most capitalised banking stock on the NGX at the end of July, ahead of Zenith Bank Plc and Guaranty Trust Holding Company Plc (GTCO).

The market capitalisation of First HoldCo jumped from N2.55 trillion at the end of June to N5.88 trillion in July, following a spectacular rally in its share price.

The company's share price appreciated by 131.13 per cent during the period, closing in July at N129.55 per share, up from N56.05 per share at the end of June.

The surge in the company's share price followed further accumulation of its shares by its Chairman, Mr. Femi Otedola, as well as investors' positive reaction to its impressive financial performance for the first half (H1) of 2026.

First HoldCo had announced its unaudited financial results for the half-year ended June 30, 2026, reporting profit before tax (PBT) of N653.5 billion, representing an increase of 83.5 per cent from N356.1 billion recorded in the corresponding period of 2025.

Profit after tax (PAT) similarly rose by 81.5 per cent to N526.1 billion in H1 2026, from N289.8 billion in H1 2025.

Zenith Bank and GTCO occupied the second and third positions, respectively, with market capitalisations of N5.07 trillion and N4.75 trillion at the end of July, compared with N4.52 trillion and N4.57 trillion, respectively, in June.

United Bank for Africa Plc (UBA) saw its market capitalisation rise to N1.97 trillion in July from N1.70 trillion in June, while Access Holdings Plc's valuation increased to N1.43 trillion from N1.20 trillion during the same period.

Other listed financial institutions included Fidelity Bank Plc, with a market capitalisation of N1.36 trillion; Wema Bank Plc, N1.16 trillion; FCMB Group Plc, N755.18 billion; Sterling Financial Holdings Company Plc, N527.43 billion; and Jaiz Bank Plc.

However, Ecobank Transnational Incorporated (ETI) and Stanbic IBTC Holdings Plc bucked the bullish trend, recording declines in their share prices during the month.

ETI's share price declined by 6.56 per cent, while Stanbic IBTC fell by 2.5 per cent.

ETI's market capitalisation stood at N1.61 trillion at the end of July, compared with N2.55 trillion in June, while Stanbic IBTC's valuation declined to N2.53 trillion from N2.59 trillion.

Commenting on the performance, Vice President, Highcap Securities Limited, Mr. David Adonri, attributed the rally in the Banking Index to strong demand for First HoldCo shares and impressive earnings reported by other listed banks.

"The NGX Banking Index being the best-performing index in July 2026 has to do with First HoldCo and Mr. Femi Otedola's rising stake. The billionaire investor's position has continued to drive the banking stock and boost other investors' confidence," Adonri said.