NGX banking stocks rises by 22.7%YTD as Jaiz Bank, Zenith stocks rally

Nigeria’s banking stocks extended their bullish run in the first quarter of 2026, rising by 22.7 percent year-to-date (YTD), driven by strong investor appetite for fundamentally sound lenders during the sector recapitalisation and earnings expectations.

Market data from the Nigerian Exchange (NGX) indicated that the increases were primarily driven by strong performances from tier 1 and mid-level banks, particularly Jaiz Bank Plc and Zenith Bank Plc.

In 2025, trading activity on the NGX banking stocks has been majorly driven by investors positioning themselves based on the market’s strong performance from the previous year. Earnings reports continue to drive market movements, but their impact has diminished compared to previous years.

BusinessDay tracks the best-performing traded bank stocks on the NGX between January 2 and March 31, 2026. The metric is based on their percentage growth during the period under review.

Analysis by BusinessDay revealed that Jaiz Bank led the pack, surging by 120 percent from N4.55 to N10.01 within the period, marking the strongest return in the banking index. The rally reflects heightened investor interest in non-interest-bearing banking, supported by growth expectations and expanding financial inclusion play.

Zenith Bank followed with a 53.5 percent gain, rising from N64.50 to N99.00, reinforcing its position as one of the most attractive dividend-paying stocks on the exchange.

Other major banking stocks also recorded strong double-digit gains. Stanbic IBTC Holdings Plc rose by 33.1 percent to N133.10, while Wema Bank Plc rose by 26.9 percent to N26.40. Guaranty Trust Holding Company Plc gained 22.2 percent to N112.80, closely mirroring the broader sector’s 22.7 percent YTD performance.

Similarly, Access Holdings Plc surged by 12.8 percent to N25.95, while Ecobank Transnational Incorporated rose 9.8 percent to N46.00. United Bank for Africa Plc increased by 8.0 percent to N46.45, and Sterling Financial Holdings Company Plc rose by 8.5 percent to N7.65.

Gains were more modest among some lenders. FCMB Group Plc rose by 4.4 percent, while FBN Holdings Plc edged up 3.0 percent. Fidelity Bank Plc remained flat at N19.00, reflecting a more cautious investor stance on mid-tier names.

The rally comes as the banking sector undergoes a major recapitalisation exercise driven by the Central Bank of Nigeria, which has raised minimum capital requirements for lenders. The process has triggered significant capital raising activities across the industry, with 32 banks collectively mobilising fresh equity through rights issues, public offers, and private placements.

As the process ended on March 31, with banks raising over N4 billion in two years, this has strengthened investor confidence in the sector, as it signals improved balance sheet capacity, enhanced risk absorption, and readiness for larger-ticket lending in a growing economy.

Chinwe Michael

Chinwe Michael is a financial inclusion advocate and economy journalist who uses compelling storytelling to drive awareness. With a background in Banking and Finance and experience across accounting, media, and education, she applies sharp analysis and attention to detail to every piece. She simplifies complex financial and economy concepts into engaging content for Africa and global audience. Chinwe also doubles as a speaker with global recognition for her expertise.