• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      CBN says cryptocurrency ban in interest of Nigerians

      February 25, 2021

      Companies-in-Action

      Zenith Bank in strong operational performance as profit rises 10.4% to N230.56bn in FY20

      February 25, 2021

      Companies

      United Capital posts strong numbers as earnings rise 50% to N12.87bn in 2020

      February 23, 2021

      Finance

      CIBN revives mentorship initiative for bank workers

      February 20, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Insurance Business

      Enterprise risk management surges amid pandemic, RIMS reports

      February 25, 2021

      WORLD BUSINESS & ECONOMY

      Hyundai to recall 82,000 electric cars over battery malfunction

      February 25, 2021

      Frontpage

      Global health insurance premiums fall amid pandemic, says new report

      February 24, 2021

      Frontpage

      Insurance M&A record highest growth in Africa, Middle East in 2020

      February 23, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Frontpage

      Nigerian engineers to manage world’s largest single train refinery

      22 hrs

      Frontpage

      NNPC, again, denies FG planning increase in fuel price this month

      22 hrs

      Frontpage

      Nigeria, amid challenges to gas-to-power drive, needs to build institutional capacity – experts

      March 1, 2021

      Oil and Gas

      REA delivers 100kW hybrid solar mini grid to Edo community

      February 25, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      The bull run still has legs despite inflation concerns

      March 1, 2021

      Analyst Insight

      Incorporating three lines of defence in data privacy schemes

      March 1, 2021

      Analyst Insight

      Coronation MB analysts project sharp rates rise after Nigeria recession exit

      February 25, 2021

      Analyst Insight

      How NITDA can further foster data protection compliance in Nigeria

      February 22, 2021

Capital Markets

Nigerian banking shares rally on recovery hopes

May 30, 2017928 views0 comments

First Bank Holdings led a rally of Nigerian banking stocks on Tuesday, fuelled by hopes that Nigeria will emerge from recession soon, dealers said.

First Bank Holdings, the parent company of Nigeria’s oldest commercial lender First Bank, rose 10.02 percent in early trade to 5.38 naira ($0.0171), a level last seen on Oct 10, 2015, Reuters reports.

Managing Director, First Bank of Nigeria, Adesola Adeduntan

“The market as a whole is reacting to a favourable economic indication. Everybody is now saying the recovery has started, that the economy is on the path of growth,” said Rasheed Yusuf, a senior stockbroker.

“The shares of First Bank (are) currently on demand, nobody is willing to sell. We should expect this trend to continue for the next few weeks,” Yusuf said, adding that First Bank shares were valued cheaper than its peers.

Read Also:

  • Nigeria bourse in red as selloffs in banking, consumer goods stocks see…
  • Lions’ Den 2021: An opportunity for promising Nigerian entrepreneurs
  • Nigerian stock-fish dealers want access to foreign exchange
  • Nigerian engineers to manage world’s largest single train refinery

According to Reuters report, United Bank for Africa (UBA.LG), was up 3.73 percent at 7.80 naira per share, Zenith Bank rose 8.63 percent to 20.78 naira.

The overall market index hit its highest in more than 10 months as investors responded to more favourable economic indicators, traders said.

The OPEC member country said last week it was moving out of recession after data showed its economy shrank a further 0.52 percent year-on-year in the first quarter, which was less than the revised contraction of 1.73 percent in the fourth quarter of last year.

Share on Facebook Tweet Email
TagsBanking First bank Shares UBA United Bank for Africa Zenith Bank
PreviousNigeria bourse: Analysts expect investor appetite to stay strong this week
NextUS consumer spending jumps, as monthly inflation rebounds

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • PHOTO NEWS: Nigeria receives first consignment of COVID-19 vaccine
  • MTN Nigeria leads pack of top-earning directors’ list for 2020 financial year
  • Eastern railway rehabilitation begins next week, says FG
  • MTN recovers from Covid-19 aftermath to post 15% revenue growth to N1.35trn  
  • Pandemic takes good slice off Nestle Nigeria as profit down 14% to N39.21bn

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Capital flows into Nigeria rise 594.03% to $6.3m in Q1 2018

Frontpage May 11, 2018

1
2

Global recession lurking on Coronavirus, trade tensions, investors warned

Frontpage February 26, 2020

3

815m people in the world are hungry – UN report

Frontpage June 21, 2018

4

Global investors pare risk as $1.7bn is pulled out of emerging-market funds on US-Korea face-off

Frontpage August 21, 2017

5

Minimum wage: Labour, govs talk tough, fresh crisis over negotiation

Frontpage October 14, 2019

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.