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Bank Stocks in Lagos Jump Most Since 2016 as Optimism Returns
LAGOS (Capital Markets in Africa) – An index of Nigerian banking stocks surged 5.8% Thursday, posting the biggest gain since May 2016; the move reflected some renewed optimism among investors and increased participation by foreigners, said Segun Oyenuga, a trader for Asset Resource Management Securities. Guaranty Trust Bank, the country’s largest by market value, climbed 9.5% in Lagos, the most since January 2016; Zenith Bank +7.2%, Unity +9.8%, Sterling +5.9%, FCMB +4.2%, UBA +2%; sector index…
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