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. 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). 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. “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.