Bloomberg News

Skye Bank Nigeria Advances to 6-Week High on Earnings Bets

July 13, 2012

Skye Bank Plc, (SKYEBANK) a Nigerian lender, rose to its strongest level in more than six weeks as investors speculated it will post improved first-half earnings.

The stock rose 1 percent to 3.02 naira by the close in Lagos, the commercial capital, its highest since May 30.

“The stock fell when it was trading at 4 naira about two months ago, but it’s gradually rising,” Raheem Mohammed, chief operating officer of Lagos-based Kundila Finance Ltd. said. “The prediction is that it will soon get back to 4 naira, especially if it’s half-year result is good.”

Skye is expected to release its results within weeks. Officials were not immediately available to return a call to its head office in Lagos.

Profit after tax for the three months through March rose to 3.48 billion naira ($21.5 million) from 3.4 billion naira a year earlier, Skye said on May 3. Revenue grew to 27.8 billion naira from 27.4 billion naira.

Skye’s shares have shares have fallen by 21 percent this year, compared with a 9.4 percent rise in the Nigerian Stock Exchange All-Share Index over the same period.

To contact the reporter on this story: Vincent Nwanma in Lagos at

To contact the editor responsible for this story: Dulue Mbachu at

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