By Providence Obuh

Renaissance Capital, the Russian emerging markets bank with operations in Africa, reinitiated coverage of six Nigerian banks with “buy” ratings after the end of general elections in Africa’s most populous nation.

According to Bloomberg, “ Renaissance recommended buying shares of Fidelity Bank Plc , First City Monument Bank Plc (FCMB), First Bank of Nigeria Plc , Skye Bank Plc, United Bank for Africa Plc (UBA), and Zenith Bank Plc. It reinitiated coverage of Access Bank Plc), Diamond Bank Plc and Guaranty Trust Bank Plc with “hold” recommendations.”

Meanwhile, activities on the Nigerian Stock Exchange resumed Monday on a bearish note as the key market indicators for measuring the performance indices, the market capitalisation and the All share index declined by 0.15 per cent each.

Specifically, the capitalisation depreciated by N12.13 billion to close at N8.071 trillion from N8.084 trillion at which it opened.meanwhile the index dipped by 37.96 bases points to close at 25,262.50 points from 25,300.46 points.

Diamond Bank Plc led on losers table with 4.97 per cent or N0.37 to close at N7.08 per share, Fidson Healthcare Plc followed with N0.11 to close at N2.12 per share and UTC Nigeria Plc dropped by N0.03 to close at N0.61 per share.

Other share price losers include: Honeywell Flour Mill Plc N0.22, Stanbic IBTC Bank Plc N0.45, C&I Leasing Plc N0.06, Japaul Oil and Maritime Services Plc N0.06, Unity Bank Plc N0.05, Wema Bank Plc N0.05, Goldlink Insurance Plc N0.02, among others.

On the contrary, UACN-Property Development Company Plc led on the gainers table with five per cent or N0.80 to close at N16.81 per share, International Breweries Plc followed with N0.26 gain to close at N5.49 per share and Afribank Nigeria Plc garnered N0.09 to close at N4.95 per share.

Other share price gainers include: United Bank for Africa Plc N0.33, Bank PHB Plc N0.06, Neimeth Pharmaceutical Plc N0.08, Oceanic Bank Plc N0.09, RT Briscoe Plc N0.11, Transnational Incorporation Plc N0.05, Evans Medical Plc N0.05, among others.

A turnover of 371.66 million shares valued at N2.71 billion was recorded in 5,223 deals as transaction appreciated by 26.11 per cent compared to Friday’s turnover of 294.69 million shares valued at N1.98 billion in 5,000 deals.

The Banking sub-sector was the most active on the sectorial analysis accounting for 52.61 per cent of the market turnover with 195.52 million shares valued at N1.60 billion in 2,940 deals. Zenith Bank Plc enjoyed the most patronage in the sub-sector trading 43.08 million shares valued at N660.46 million in 317 deals, United Bank for Africa Plc followed with the exchange of 39.338 million shares valued at N278.93 million in 489 deals and Finbank Plc recorded 20.29 million shares valued at N16.03 million in 98 deals.

Information and Communication Technology sub-sector trailed on the sectorial analysis accounting for 18.73 per cent of the market turnover with 69.59 million shares valued at N50.68 million in 51 deals.

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