Data from the Nigerian Exchange Limited (NGX) has revealed that the combined market capitalisation of eight Nigerian banks surged by N109 billion in a single trading session.

The eight banks include United Bank for Africa (UBA), Zenith Bank PLC, Access Holdings PLC, FBN Holdings PLC, Fidelity Bank PLC.

Others are Guaranty Trust Holding Company PLC (GTCO), and Sterling Financial Holdings Company PLC.

According to NGX data the banks closed December 24 with a total market capitalisation of N7.20 trillion from the N7.09 trillion recorded on December 23.

Market capitalisation represents the total market value of a company's outstanding shares of stock.

It is calculated by multiplying the current price of a single share by the total number of shares in circulation, market capitalisation serves as a quick indicator of a company's size and market value.

How the bank performed?

Punch reports that United Bank for Africa (UBA) market cap rose to N1.23 trillion, up from N1.20 trillion, as its share price climbed by 2.86% to close at N36.00 from N35.00.

Zenith Bank's closing share price of N46.00 means its market capitalisation stands at N1.44 trillion.

Access Holdings PLC recorded a 0.61% increase in its share price to close at N24.70 from N24.55, raising its market capitalisation to N877.97 billion from N872.64 billion.

Before the Christmas holidays, FBN Holdings posted a 2.76% gain in its share price to N27.90 from N27.15, boosting its market capitalisation to N1.00 trillion from N974.56 billion.

Fidelity Bank PLC recorded a 5.11% increase in its share price to close at N17.50 from N16.65. This raised its market capitalisation to N560.21 billion from N533.00 billion.

Guaranty Trust Holding Company PLC's share price stood at N57.95 on Tuesday, December 24, resulting in its market capitalisation of N1.71 trillion.

Sterling Financial Holdings Company PLC recorded a share price increase to N5.85 from N5.50. This pushed its market capitalisation to N168.42 billion from N158.35 billion.