Vanguard (Lagos)

21 January 2013

Nigeria: Diamond Bank Records Highest Gain Among SSA Banking Stocks

Diamond Bank Plc has recorded a share price gain of 158.4 per cent in US dollar to emerge the best stock among banks in Sub-Saharan Africa and third best stock out of the 10 best stocks in the sub-continent, a survey by InvestingInAfrica.net said.

The other stocks in the survey are: International Breweries Plc 172.5 per cent, Cadbury Nigeria Plc 159.5 per cent, a Kenya-based Uchumi Supermarket 150.8 per cent, GlaxoSmithKline Consumer Nigeria Plc 98.7 per cent, British American Tobacco of Kenya 98.4 per cent, Access Bank Plc 90.7 per cent, Bralirwa of Rwanda 83.5 per cent, United Bank for Africa Plc 78.5 per cent and Ghana Oil 78.2 per cent.

The research which excluded South African stocks from the list, noted that after posting a loss in 2011, Diamond Bank put up great numbers in 2012, remarking that over the first nine months, the management of the bank more than doubled operating profits, and investors obviously liked what they saw.

The report observed that even after its 158.4 per cent US dollar gain, Diamond Bank stock is still trading at just 4.2x trailing earnings.

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