At the end of the closing session today, all banks posted profits as the NSE banking gained (+2.80%) to settle at 361.13 index points.
This profit was less than the previous day’s (+4.40%) but it was more inclusive. NSE banking index started today’s trading session on a bullish note as predicted by market sentiments, however, some resistance was faced by noon before picking up momentum to finish positive. The success of the sector came despite the drop of the NSE ASI by -1.37%.
Union Bank emerged as the top gainer despite the stalemate held in the previous day. Union Bank increased by (+4.95%) which pushed the share price to N5.10. Technical analysis showed that Union Bank share price reaches a high of N5.30 and a low of N5.05. Regardless of the resistance, Union Bank was able to maintain bullish momentum until the end of the trading session.
Guaranty Trust Bank (GTB) made a significant increase of (+4.03%) pushing the price to N31 from N29.80 the previous day. Jaiz Bank recovers from its week-long loss to gain (+3.08%) to settle at N0.67 when compared to the N0.65 and (-4.41%) held in the previous trading session.
Ecobank surpassed the previous day’s increase of (+1.03%) to push the price to N5 with an increase of (+3.09%) at the end of trading session. Technical analysis showed that Ecobank market price met some resistance but maintained a bullish trend at the end of trading session.
Zenith Bank made substantial profit at the end of the week to maintain its bullish momentum with an increase of (+2.27%) pushing the price up by 50 kobo (N22.50). Technical analysis showed that Zenith Bank was trending bullish to close positive. Access Bank saw an increase of (+ 2. 55%) to put the price at N8.10, breaking the stalemate held on the previous day.
Fidelity Bank nearly recovered from its previous day’s loss of (-1.79%) with an increase of (+1.75%) putting the price at N2.32. Sterling Bank increased by (+1.36%) to put the price at N1.5. Wema Bank also saw a recovery from the previous day’s price of (-1.67%) with an increase of (+1.67%) making the price settle at N0.61. UBA broke the previous day’s stalemate to post gains of (+0.70%) increase, putting the price at N7.15.
Outlook
- Market sentiment trends strongly bullish as all companies in the NSE banking make gains at the end of the trading session.
- Nairametrics counsels cautious buying amidst growing uncertainty in Nigeria.
