Stock Exchange: Banking Stocks Rebound as Market Sentiment Turn Positive

After taking a hit from profit taking that pervaded the equities market last week, the low priced banking stocks again rebounded to profitability today in line with the general market sentiment.

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

Specifically, Diamond Bank Plc, which recorded 26.05 percent or N0.93 cumulative losses last week, today led the other 40 gainers with9.85 percent increase to close at N2.90 from N2.64 at the end of trading last week.

Transcorp Plc, a diversified conglomerate with strategic investments and core interests in the hospitality, agribusiness and energy sectors, 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.
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