Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Renaissance Reinitiates Coverage of 9 Nigerian Banks on Polls

May 9 (Bloomberg) -- 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.

“The recent election cycle has, on balance, been positive, and should shift market focus away from political risk,” analysts David Nangle, Adesoji Solanke and Armen Gasparyan wrote in an e-mailed note to clients today. “Credit growth has started to recover and should deliver 15 percent sector-wide in fiscal 2011, while margins should see upward pressure from a rising-rate environment.”

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

Nigeria’s ruling People’s Democratic Party retained a majority in national legislative and state-governor elections last month that were called the cleanest in a decade in Africa’s top oil producer, according to results released by authorities.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.