While Nigerian equities advanced 3.89% last week the top gainers outperformed the broader index with gains led by the bank stocks.
Five of the top-10 price gainers for the week ending Friday July 21st were bank stocks, including Sterling Holdings up +27.33%, Ecobank Transnational +27.17%, FBN Holdings +25.63%, FCMB +23.64% and Access Holdings +22.74%.
The stocks made such huge moves in just 1-week due to some positive catalysts highlighted below.
Catalysts for rally
FBN Holdings during the week reported a 231% surge in after-tax Profit in the six-months period to June 2023, as fair value gains in its financial instruments surged.
Profit for the period from continuing operations came in at N187.23 billion, compared to N56.6 billion, a year ago.
Access Bank Plc (Access) for its part announced that it entered into agreements with Standard Chartered for the sale of its shareholding in its subsidiaries in Africa which includes; Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private & Business Banking business in Tanzania.
Meanwhile, the ENKO Opportunity Growth Fund linked to a Director of Ecobank Transnational Incorporated (ETI), Alain Nkontchou announced the purchase of 66.33 million shares of the bank.
The shares were bought at an average price of N14.72, for a total consideration of N917.54 million ($1.17 million), on the Nigerian Exchange Limited (NGX).