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The  Nigerian Stock Exchange (NSE) All Share Index appreciated by 0.54% to close at 45,092.83 points last week. This marked the first time the index had crossed the 45,000 mark since October 2008. Week on week, it appreciated by 5.11%, bringing year to date appreciation to 17.91%.

Here are a list of stocks that topped the charts last week, and our opinions on their performance this week.

Skye Bank

Skye bank topped the gainers chart last week, gaining N0.45 or 53.57%. Tier two banks have largely rallied this year, due to what investors perceive as their relatively cheap status. Skye bank, is however yet to release its FY 2016 results, and is currently being run by a board appointed by the Central Bank of Nigeria (CBN). Year to date, the stock is up 158%.

Unity Bank


Unity Bank closed the week up 48.78%. Unity bank opened the week at N0.82 and closed at N1.22. Year to date, the stock has gained 130.19%. Having crossed the 100% barrier, investors could decide to take profit this week.

Wema Bank

Wema Bank gained 48.1% this week. Opening at N0.79 and closing at N1.17. Having gained 125% year to date, investors could decide to cash out some of their gains. Wema Bank is currently trading at a price to book ratio of 0.9, suggesting room for slight upside.

Standard chartered

Diamond Bank

Diamond bank has continued with its rally from last week, as it gained 40%, opening at N2.54 and closing at N3.57. Year to date, Diamond Bank has gained 138%, suggesting investors may decide to take some gains off the table.

Standard chartered

Caverton Offshore Support Group Plc


Caverton Offshore opened the week at N1.60 and closed at N2.22, gaining 38.75%. Year to date, the stock has gained 72.09%, suggesting a bit more room for upside, judging by current market sentiments.

Caverton had a rebound in its 2017 results, capping it with the signing of a contract with Chevron Nigeria Plc. Reveue increased from N14.4 billion in 2016, to N14.8 billion in 2017. Profit before tax also hit N1.9 billion in 2017 from a loss of N1.6 billion in 2016. Earnings per share also increased from a loss of N0.31 to N0.36.


FCMB continues its rally from the penultimate week, as it gained 37.40% this week. Year to date, the stock has gained 135.4%, which might prompt investors to cash out some of their gains.


Jaiz Bank

Jaiz Bank, joined the league of tier two banks rallying this year, as it gained 36.05%. The stock may have further room for appreciation as it has gained 85.71%.

Cement Company of Northern Nigeria Plc

Cement Company of Northern Nigeria Plc (CCNN) continued with its rally for the year as it gained 31.98% to close at 17.50. Year to date, the stock has gained 84%

Fidelity Bank Plc

Fidelity Bank Plc, closed the week at N3.90, up 21.88%. Year to date, the stock has gained 58.54%. The stock may still have further room for upside, as several tier two banks have rallied by over 100% year to date. investors may also be positioning in the stock, ahead of what promises to be a bumper 2017 full year result.

FBN Holdings Plc

Tier one lender, First Bank closed at N13.90, on Friday’s trading session, gaining N2.33 or 20.14%. The bank has gained 57.95% year to date, suggesting room for further upside.

FBN largely lagged in terms of price appreciation last year, while tier one banks rallied. FBN is currently trading at a price to book ratio of 0.7, leaving some room for more upside.