At the end of the trading session today, the NSE Banking gained a significant (+4.40%) to settle at 351.28 index point. Zenith Bank led the pack with an increase of (+7.32%) which continues the bullish run posted in the previous day (+0.99%). The technical analysis shows that the bullish push met with some resistance around mid-day but continued momentum to close at N22.20.
GTB bank trended bullish with an increase of (+6.43%) which is a significant increase when compared to the stalemate returns of the previous day trading session to close at N29.80. Fidelity Bank also recovered from the previous day’s loss of (-1.79%) to increase by (+4.11%) and close at N2.28.
Wema Bank was not left out in this bull run as it also increased by (+1.69%) against the previous day loss of (-1.67%) to settle its price at N0.60 at the end of the trading session. UBA closed with the bulls as it increased by (+1.43%) and closed at N7.15.
Other gainers include ECOBANK that increased by (+1.03%) to close at N4.90. Also, Access bank broke its previous day stalemate and increased by (+0.64%) and closed at N7.90 at the end of the trading section today.
The bears still had some banks in their claws as Jaiz bank continued its bearish trend as the price closed at N0.65, showing a reduction of (-4.41%). Sterling Bank also stayed too long with the bears at the end of the trading session posting an alarming loss of (-6.37%), to settle at N1.50, while Union Bank posted a stalemate after the previous day’s loss of (-0.99%) to settle at N5.05.
- US FED announcement to keep their interest rate low until the year 2023 may have had an impact on the bullish trend on NSE banking index as it increases the inflow of hot money.
- Market sentiment measures bullish as seven wins trump the two losses and one stalemate in the NSE banking.
Bulls enjoy slight victory at the NSE
The NSE ASI saw a bullish move supporting Wednesday’s gains and showing bullish dominance since the start of the week.
The Nigerian Stock Exchange market posted gains at the end of the trading session today, making it the fourth day of a bullish run. The All-Share Index increased by +0.01% to close at 39,131.80 from 39,128.34 index points. CUTIX made the top of the gainers list.
- Nigerian Stock Exchange market value currently stands at NGN 20.48Tr. Its Year-to-Date (YTD) returns currently stands at – 83%.
- The market closed in profit as CUTIX led 17 Gainers, and 15 Losers topped by EKOCORP with a slightly bullish movement by the NSE ASI.
- CUTIX up +7.00% to close at N2.14
- PZ up +6.93% to close at N5.40
- LINKASSURE up +5.00% to close at N0.84
- COURTVILLE up +4.35% to close at N0.24
- OANDO up +3.96% to close at N3.15
- 1. EKOCORP down -10.00% to close at N5.40
- SUNUASSUR down -9.09% to close at N0.60
- HONYFLOUR down -8.45% to close at N1.30
- SOVRENINS down -8.00% to close at N0.23
- UNITYBNK down -6.78% to close at N0.55
The NSE ASI saw a bullish move supporting Wednesday’s gains and showing bullish dominance since the start of the week. However, the following stocks are on our watchlist: PZ, Guaranty, Access bank, STANBIC, HONYFLOUR, GUINNESS and Flourmills.
- Nairametrics advises cautious participation in the stock market in this era of growing uncertainties.
The NSE Banking Index plunges as Zenith Bank dips
The NSE Banking Index trended bearish at the end of the trading session today; 5 gains were posted opposing 3 losses and 2 stalemates.
The NSE Banking Index trended bearish at the end of the trading session today; 5 gains were posted opposing 3 losses and 2 stalemates. The Index finished in the red with a loss of -0.04% pushing the Index point down to 357.76 from 357.89
UBA topped the gainers with a +2.07% increase. Technical analysis showed that UBA share price saw a noticeable upward trend from the start of the trading session pushing the price from its previous day’s close of N7.25 to N7.40.
Wema bank also posted gains of +1.75% pushing the price from the previous day’s close of N0.57 to N0.59 at today’s close of market. Wema Bank technical analysis shows a slightly correlated trend with that of UBA for today’s trading session.
EcoBank saw a +1.01% gain at the end of the trading session today. Price was moved from its previous gains of N4.95 to N5.00 showing a N0.05 increase that was sufficient enough to earn EcoBank 4th place on the gainers’ side at the end of the trading session today.
Access Bank escaped the bear’s claws with a +0.67% profit at the end of the trading session, technical analysis shows massive consolidation today before price moved from N7.50 to N7.55.
GTBank was also saved after posting a profit of 0.16% pushing the price to N31.30 from its previous N31.25.
Fidelity Bank held top spots on the losing side of today’s trading session with a noticeable decline from -1.77% pushing the price downwards from N2.26 to N2.22.
Jaiz Bank saw a noticeable bearish turn of -1.59% holding the price at N0.62 from N0.63.
Zenith Bank was next to feel the claws of the bear as it took a hit of -1.35% pushing price downwards from N2.30 to N2.00. Union Bank and Sterling Bank both saw a stalemate at the end of the trading session today to hold at N5.00 and N1.60 respectively.
- Market sentiments indicate that tomorrow might see a bullish recovery with 6 gainers being opposed to 3 losers and 3 stalemates.
- Nairametrics advises cautious participation in the market amid growing uncertainties.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Sovereign Trust Insurance Plc notifies stakeholders of 26th Annual General Meeting.
- Dangote Cement Plc to hold AGM on May 26th
- Linkage Assurance Plc proposes N500million as final dividend for 2020, and a bonus issue on its existing shares.
- VFD Group set to raise additional capital of N9.01 billion through rights issue and private placement.
- GT Bank records a 9% dip in profit to N45.55 billion in Q1 2021.