Banking stocks propel rebound of Nigerian bourse

After the profit taking by investors for most part of last week that brought down the value of the market moderately, the Nigerian Stock Exchange kicked off trade transaction on Monday on positive note as the All-Share Index which closed the week on Friday at 43,773.76 basis points, closed stronger on Monday at 44,306.48 basis points.

The low priced banking stocks again which rebounded to profitability on Monday in line with the general market sentiment were mostly responsible for the lift.

At the end of trading, 14 banking stocks emerged gainers with Diamond Bank, Skye Bank, Wema Bank, which recorded losses last week, recording price gains.

Diamond Bank Plc, which recorded 26.05 percent or N0.93 cumulative losses last week, led other 40 gainers with 9.85 percent increase to close at N2.90 from N2.64 at the end of trading last week.

Transcorp Plc emerged second, rising by 9.76 percent to close at N2.25 from N2.05. C&I Leasing Plc closed as the third on the top gainers table, rising by 9.68 percent to close at N1.70 from N1.55 per share.

Fidelity Bank Plc followed with 9.60 percent increase to close at N3.88 from N3.54 per share, while NPF Micro-finance Bank Plc closed as the last on the top five gainers’ chart, appreciating by 9.46 percent to close at N1.62 from N1.48 per share.

Conversely, Dangote Sugar Refinery Plc led the losers, declining by 4.56 percent to close at N20.95 from N21.96, followed by Red Star Express Plc with 4.55 percent decrease to close at N5.25 from N5.51.

Royal Exchange Plc, Prestige Assurance Plc and ABC Transport Plc depreciated by four percent each to close at N0.48 from N0.50 respectively.