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Stock Performance: Skye Bank again defies predictions, Makes significant Price Movements
Since the beginning of the year 2018, the price of Skye Bank Plc., stock on the floor of the Nigerian stock Exchange has sprung up surprises, beating unimaginably the expectations of market players. The bank’s stock at several trading sessions emerged best performing stocks, leading the entire market.
At a time in January 2018 for example, Skye Bank traded as high as N1.55kobo per share thus recording a growth of 210 per cent when compared with the year’s opening price of 50k. As usual, bargain hunters crept in and pushed down the price to close for the month at N1.47kobo. Despite that, the monthly increase of about 194 percent then was the best percentage price recorded by any stock on the floor of the Nigerian Stock Exchange for the month of January 2018.
In response to profit taking in the Nigerian equities market between February and April 2018, a situation which has seen many stocks give up the entire growth so far made in 2018, the stock price of Skye Bank though showing some levels of resilience but not being entirely immune to negative market trend progressively declined 62kobo as at the 11th day April, 2018. In a dramatic move, the stock staged a comeback to gain about 42% price reversal to 88kobo on Monday 16th of April, 2018. Within this period, the stock price also remained one of the best in the market.
The fresh rally which began on Wednesday, April 11, 2018 with a price growth of 4.61%, had closed at N0.68 from the previous close of N0.65. That was just the start, on Thursday, 12th of April, 2018, the stock grew again by 8.82% to close at N0.74k before another growth of 8.11% on Friday, 13th of April 2018 closing at N0.80.
Skye Bank Plc’s bullish run yet persisted on Monday, April 16, 2018 as it led other percentage gainers gaining 10% above the previous close of N0.80 to settle at N0.88.
As far as the Nigerian bourse is concerned, it will go down in history that the price performances of Skye Bank plc’s equity made many investors and traders smile to the bank particularly in short term price appreciation. Many of them are hoping this continues into the future.
On the factors behind the rallies, some market analysts are neutral, some are negative but the majority expressed positive opinions and confidence in the abilities of the bank’s current management led by Tokunbo Abiru. According to them, their decisions to invest in the bank’s stock stemmed from the belief that the Tokunbo Abiru-led management is already turning things around in the bank. But for how long do they intend to stay in the stock? Reactions are mixed; as some indicate they are in the stock for short term; whereas few others say, they are in for the long term – as much as the current management builds their confidence. And how? The general expectation is quarterly and annual audited reports from the bank.
Skye Bank is one of Nigeria’s leading retail bank with over 360 branches and cash centers across Nigeria, offering banking and associated financial advisory services. The lender parades robust and best in class financial technology platforms and wide-ranging electronic solutions promoting consumer lifestyle and e-commerce experience for its customers.