Nigeria’s tier-1 banking stocks delivered contrasting performances on the Nigerian Exchange (NGX) as the third quarter closed on Tuesday, with Zenith Bank emerging as the strongest performer year-to-date despite a challenging final trading day that saw all three major lenders close in negative territory.
Zenith Bank Dominates Year-to-Date Returns
Zenith Bank (ZENITHBANK) closed Tuesday’s session at NGN 69.00 per share, down 0.9% from the previous day’s close of NGN 69.60. Despite the modest decline, the lender has delivered an impressive 51.7% return since the start of 2025, when shares traded at NGN 45.50. This performance ranks Zenith 79th on the NGX in year-to-date gains.
The bank’s recent momentum remains strong, with shares appreciating 7% over the past four weeks—the 22nd best performance on the exchange during that period. This upward trajectory offers shareholders reason for continued optimism heading into the fourth quarter.
In terms of trading activity, Zenith Bank ranked as the ninth most traded stock on the NGX over the three-month period from July 2 to September 30, 2025. The bank saw 1.73 billion shares change hands across 83,470 transactions, with a total value of NGN 120 billion. Daily trading volumes averaged 27.5 million shares, with a peak of 104 million shares recorded on September 23rd and a low of 6.67 million on August 28th.
UBA Posts Strong YTD Gains Amid Recent Weakness
United Bank for Africa (UBA) closed at NGN 43.20 per share on Tuesday, marking a 2.7% decline from its previous close of NGN 44.40—the steepest single-day drop among the three banks reviewed. Nevertheless, UBA has delivered a solid 27.1% year-to-date return from its January opening price of NGN 34.00, ranking 97th on the NGX.
However, investors should note a concerning trend: UBA shares have shed 9% of their value over the past four weeks, raising caution flags about near-term momentum despite the strong year-to-date performance.
UBA ranked as the 12th most actively traded stock on the NGX during the July-September quarter, with 1.61 billion shares traded in 85,299 deals worth NGN 73.7 billion. Average daily trading volume stood at 25.5 million shares, with activity ranging from a high of 158 million shares on July 16th to a low of 6.87 million on August 27th.
Access Holdings Shows Modest Gains, High Liquidity
Access Holdings (ACCESSCORP) ended Tuesday’s session at NGN 25.65 per share, slipping 0.2% from the previous close of NGN 25.70. The holding company has posted a modest 7.55% year-to-date gain from its opening price of NGN 23.85, placing it 107th on the NGX year-to-date performance rankings.
Despite relatively subdued price performance, Access Holdings demonstrated exceptional liquidity as the third most traded stock on the NGX over the past three months. The company saw 3.2 billion shares traded across 89,633 transactions valued at NGN 83.3 billion—the highest trading volume and deal count among the three banks. Average daily volume reached 50.8 million shares, with a peak of 174 million shares on July 10th and a low of 10.5 million on September 30th.
Sector Outlook
The divergent performances among Nigeria’s leading banking stocks reflect broader market dynamics and individual corporate trajectories. While Zenith Bank’s robust year-to-date performance and recent positive momentum position it as the sector leader, UBA’s recent decline warrants monitoring despite strong annual gains. Access Holdings’ high trading volumes indicate sustained investor interest, though price appreciation has been more moderate.
As the fourth quarter begins, market participants will closely watch how these banking giants navigate Nigeria’s evolving economic landscape, with particular attention to earnings reports, regulatory developments, and macroeconomic indicators that could influence sector performance through year-end.
