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The Rally so far: As tier 2 banking stocks take the lead.

Op-Ed Contributor by Op-Ed Contributor
January 19, 2018
in Markets, Stock Market
Oscar Onyema, C.E.O, Listing, Nigeria Stock Exchange

Oscar Onyema, C.E.O Nigeria Stock Exchange

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By Morgan Capital Securities

In 2017, the Nigerian stock exchange emerged third best performing stock market in the world, following a 42.30% gain on the index. Consequently, this increased both foreign and local confidence, and has seen the market index advance by 17.37% Year-to-date (YtD).

However, tier-2 banking stocks, which missed out on the 2017 year-end rally have sustained bullish sentiments, causing counters like STERLNBANK to rally as high as 124.07% YtD. Other tier-2 banks like FCMB (+121.62%), SKYEBANK (+116.00%) and DIAMONDBNK (110.67%) have also recorded significant price advancements in the first month of the year.

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As a result, the NSE banking sector index advanced 0.51% to close at 602.32 points at the close of trades on January 17, 2018 (YtD: +26.69%). The NSEIND (+19.70%), NSEINS10 (+13.41%), NSEOILG5 (+10.78%), and NSEFBT10 (+6.79%) indices have also recorded positive Year to Date growth.

 

Other sectors recorded growth but are lagging behind.

 

Article was culled from Morgan Capital Ltd


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Tags: All Share IndexNigerian Stocks
Op-Ed Contributor

Op-Ed Contributor

Nairametrics frequently publishes articles from experts such as financial analysts, economists, researchers and investors. We also feature articles from guest writers and bloggers who wish to push their views and opinions through our platform. To get your articles on Nairametrics, kindly send an email to info@nairametrics.com and we will publish it within 24 hours of approval by our editorial team.

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