Market capitalisation is the product of total number of paid-up shares and current market price. An analysis of the banking sub-sector of the NSE for the year ended December 31, 2013, showed that Zenith Bank led with a market capitalisation of N860 billion.
Guaranty Trust Bank plc followed with N795 billion, while FBN Holdings plc had N532 billion. United Bank for Africa plc and Ecobank Transnational Incorporation (ETI) ended with N293 billion and N214 billion to complete the top five stocks with the highest market capitalisation in the banking sub-sector.
Apart from leading other banks, Zenith Bank closed as the stock with the fourth highest market capitalisation in the entire market. It came behind Dangote Cement plc, Nigerian Breweries plc and Nestle Nigeria plc, which occupied the number, number two and number three positions, respectively.
Market operators said the emergence of Zenith Bank as the number one stock was expected given the high patronage the equity enjoyed due to its impressive financial performance that attracted international recognition.
The Banker Magazine, a publication of Financial Times of London, recently awarded bank of the year to Zenith Bank.