capital market
Access Holdings, FBNH cross N1trn capitalization
Access Holdings Plc and the First Bank of Nigeria Holdings have crossed N1 trillion market capitalisation at the close of Tuesday’s trading on the Nigerian Exchange Limited.
They become the second and third lenders to achieve this feat in two days.
United Bank for Africa hit the N1 trillion market cap milestone on Monday.
On Tuesday, AccessCorp and FBNH gained about N82 billion and N93 billion each to join the N1 trillion club and bring their market cap to N1.055tn and N1.026 trillion, respectively.
FBNH had in December crossed the N1 trillion market cap mark but dropped by the next trading session.
UBA, which entered the elite club with N1.022 trillion, appreciated to N1.114 trillion at the close of Tuesday’s trading.
With this development, all the tier-1 banks in the country have capitalisation worth more than N1 trillion.
This is coming weeks after the Central Bank of Nigeria announced plans for a recapitalisation exercise to drive a $1 trillion economy projected by President Bola Tinubu.