Business
Nigerian Banking Stock Index Rises At Exchange
The index of Nigeria’s Top-10 banks closed up 4.7 per cent on Monday, a significant gain for a sector which analysts expect to drive a stock market rally again this year.
Nigerian stocks rose to a 32-month high last Monday, ending 2012 up 34 per cent in the index’s best performance over the last five years, led by growth in consumer goods and banking.
The banking index gained 24 per cent last year, but it trailed the consumer goods sector which rose 42 per cent.
Analysts say banking shares have room to close up for a second year running, following a strong recovery in earnings after a 2009 financial crisis that nearly sunk nine lenders.
FCMB gained the maximum 10 per cent allowed for stocks eligible for market making. Fidelity Bank, Skye Bank, UBA and Sterling Bank were up more than 9 per cent each.
The all-share index gained 1.58 per cent to 28,988 points.