Nigeria banking stocks gain

The index of Nigeria's Top-10 lenders climbed 4.52 percent on Wednesday in volatile trade, as investors piled back into the banking sector on expectations of year-end dividends, one stockbroker said. Brokers said banking stocks, which lost 22 percent last year, were trading on low valuations, creating an attractive entry point for local investors with no currency risk.
Corporate results for some lenders are expected to start trickling in from the end of February, spurring dividend hopes from banks such as GT Bank, and First Bank. Banking stocks rose for a third day this week, lifting the all-share index up 2 percent to 30,617 points.