Two top Nigerian banks, Zenith Bank and Guarantee Trust Bank, have crossed the N1 trillion capitalization mark. The development comes as the stock market all-share index surpassed 60,000 points on Tuesday, June 27, 2023, pushing the market to a year-to-date positive return of +71.28%.

The bank’s shares are valued at N1.77 billion, with about 31,396,493 786 outstanding shares.

Also, GTCo is valued at N1.01 trillion at N34.4 per share.

The bank’s outstanding shares are 29,431,179 244, with the share price also nearing a 52-week high of N35.5.

GTB has outstanding shares worth N2.629 billion.

Investors rush bank shares on NGX Investors are also optimistic about oil and gas stocks following the removal of the petrol subsidy.

Equities trading on Tuesday, June 27, 2023, revealed that NGX Banking Index had spiked this year by 51.06%, while NGX Oil and Gas Index is 66.45%.
Also, NGX Insurance Idex has increased by 58.80%, while NGX Consumer Goods Index increased by 51.05%. The market strengthened on Tuesday, June 27, 2023, as positive sentiment continued on the floor of the Nigerian Stock Exchange.

The market has risen by 7.78% since June 2023.

On Monday, the NGX All-Share Index and its equities Market Cap stood at 59,338.76 points and N59.338 trillion, respectively, spiking to 60,108.86 points and N32.72 trillion.

Other banks exceed market expectation

Access Corporation GTB, UBA, Sterling Bank, and Zenith Bank were the most actively traded stocks in 9,463 deals, exchanging 763.696.263 shares valued at N12.533 billion.

Access Corporation, GTCO, UBA, Sterling Bank, and Zenith Bank were actively traded stocks on Tuesday as investors in 9,463 deals exchanged 763,696,265 shares worth N12.533 billion