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.
Outlook
- 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.
