{"id":10354,"date":"2012-04-30T20:29:11","date_gmt":"2012-04-30T18:29:11","guid":{"rendered":"http:\/\/www.myza.co.za\/04\/banking-recovery-lures-funds-back-to-nigeria-stocks\/"},"modified":"2012-04-30T20:29:11","modified_gmt":"2012-04-30T18:29:11","slug":"banking-recovery-lures-funds-back-to-nigeria-stocks","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/banking-recovery-lures-funds-back-to-nigeria-stocks\/","title":{"rendered":"Banking recovery lures funds back to Nigeria stocks"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Banking write downs dragged down the share index in 2011<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Nigerian lenders trade at discount to EM peers -analysts<\/p>\n<p><span><\/span><\/p>\n<p>* Index could rally up to 23,000 points this year<\/p>\n<p><span><\/span><\/p>\n<p>By Chijioke Ohuocha<\/p>\n<p><span><\/span><\/p>\n<p>LAGOS, April 30 (Reuters) &#8211; Signs of a sharp recovery in<br \/>\nbank earnings for the first quarter are drawing investors to<br \/>\nNigerian shares after several years of turbulence in local stock<br \/>\nmarkets following a 2008 banking crisis that wiped 60 percent<br \/>\noff their value.<\/p>\n<p><span><\/span><\/p>\n<p>Africa&#8217;s second biggest index soared to a<br \/>\nseven-and-a-half-month high last week, passing the psychological<br \/>\nhurdle of 21,000 points for the first time this year, driven<br \/>\nlargely by gains in the banking sector.<\/p>\n<p><span><\/span><\/p>\n<p>Banking stocks have started to perk up after a torrid 2011<br \/>\nwhich saw them fall 30 percent, reversing an an earlier<br \/>\nrecovery, and underperform the overall index, which lost just 17<br \/>\npercent.<\/p>\n<p><span><\/span><\/p>\n<p>Analysts say they still look inexpensive relative to their<br \/>\nearnings and other sectors in the wider stock market, which<br \/>\nleaves room for further growth.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Nigerian banks are the cheapest &#8230; trading on 2012 forward<br \/>\nP\/E multiples of 5.2x,&#8221; said Soji Solanke, banking analyst at<br \/>\nRenaissance Capital, adding that he expected them to outpace<br \/>\nemerging market peers by a third this year.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Banking write downs dragged down the share index in 2011 * Nigerian lenders trade at discount to EM peers -analysts * Index could rally up to 23,000 points this year By Chijioke Ohuocha LAGOS, April 30 (Reuters) &#8211; Signs of a sharp recovery in bank earnings for the first quarter are drawing investors to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-10354","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10354","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=10354"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10354\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=10354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=10354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=10354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}