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Sunday, 13 January 2013 21:00

Nigerian banking stock index rises 4.7 pct

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Nigeria Stock Exchange Building, Abuja Nigeria Stock Exchange Building, Abuja

LAGOS (Reuters) - The index of Nigeria's Top-10 banks closed up 4.7 percent 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 percent in the index's best performance over the last five years, led by growth in consumer goods and banking.

The banking index gained 24 percent last year, but it trailed the consumer goods sector which rose 42 percent.

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 percent allowed for stocks eligible for market making. Fidelity Bank, Skye Bank, UBA and Sterling Bank were up more than 9 percent each.

The all-share index gained 1.58 percent to 28,988 points.


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