First Bank Gains Most in Month as Lambeth Says Rally to Continue
First Bank of Nigeria Plc, the country’s third-biggest lender by market value, rose the most in almost a month as investors saw the price as “attractive” after declines, Lambeth Trust and Investment Co. Ltd.
The stock rose 5.1 percent, the most since Oct. 9, to 16.40 naira in Lagos, Nigeria’s commercial capital. About 15.2 million shares, 67 percent of the three-month daily average, traded, according to data compiled by Bloomberg. First Bank retreated 1.7 percent yesterday to 15.6 naira, giving a decline of 5.5 percent in a five-day period.
“The price fell to a point where it became attractive to some investors,” David Adonri, chief executive officer of Lagos-based Lambeth, said by phone today. ”The stock is recovering.”
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