First Bank’s market cap soars past N1trn as NGX experiences boom

First Bank Limited, a subsidiary of FBN Holdings, has once again achieved a significant milestone in the Nigerian Exchange (NGX) as its market capitalisation surpasses N1 trillion.

This comes amidst a boom in the NGX, with the United Bank for Africa (UBA) also recently crossing the N1 trillion market cap.On January 9, 2024, First Bank’s stock experienced a 10 percent increase, closing at N28.60.

This surge propelled its market capitalisation to N1.026 trillion.

Notably, this is not the first time First Bank has achieved this feat, as it previously crossed the N1 trillion mark on December 6, 2023.With First Bank’s latest achievement, there are now a total of 10 companies in the Nigerian Exchange with a market capitalisation exceeding N1 trillion.

This highlights the growing strength and stability of the Nigerian stock market. The continuous growth and success of First Bank reflect its strong performance and the confidence investors have in the company.

As one of the leading financial institutions in Nigeria, First Bank’s consistent market capitalisation above N1 trillion demonstrates its ability to generate value and attract investment. This achievement also signifies the overall positive trend in the NGX, with multiple companies experiencing significant market capitalisation growth.

The boom in the stock market is a promising sign for the Nigerian economy, indicating increased investor confidence and potential for further growth.As the NGX continues to thrive, it is expected that more companies will join the prestigious N1 trillion market capitalisation club. This bodes well for the Nigerian stock market and the overall economic landscape, as it signifies a robust and prosperous business environment.