At the end of the closing session today, the NSE banking lost (-0.01%) to settle at 361.11 index points. The loss is as opposed to the previous day (+2.80%) gains with only one loser and two stalemates.
NSE banking index started today’s trading session on a bearish note despite the bullish prediction by market sentiments of the last trading session.
Jaiz Bank started the week with a sizable loss of (-4.48%) eliminating the previous gains on Friday of (+3.08%), thereby moving from N0.67 to N0.64. Jaiz Bank was the only company to post a loss today hence, adding to the drop in the NSE banking index point.
Ecobank made a significant increase of (+5.15%) which surpassed the previous trading day’s increase of (+3.09%) pushing the price to N4.95 at the end of the trading session. Technical analysis showed that the Ecobank market price started the trading session on a bearish note before regaining momentum to post significant profit and trend bullish at the end of trading session, thereby making Ecobank the top gainer.
Wema Bank made the next highest gains with an increase of (+3.33%) which surpassed the previous trading gains of (+1.67%) making the price settle at N0.62 from N0.61. Fidelity Bank also made a profit of (+1.29%) which is less than the Friday gains of (+1.75%), putting the price at N2.36. UBA also reported a profit of (+1.49%) surpassing the previous trading day (+0.70%) increase, putting the price at N6.90.
Access Bank saw an increase of (+1.24%) which was less than (+ 2.55%) gained on the previous trading session. Union Bank increased by (+0.94%), less than the previous gains of (+4.95%) which pushed the share price from N5.10 to N5.35.
Guaranty Trust Bank (GTB) and Zenith Bank which are the biggest banks in Nigeria, both posted zero profit at the beginning of the week to disrupt their bullish momentum. Hence, price stayed at N31 for GTB and N22.50 for Zenith. Sterling Bank increased by (+0.67%) which was less than (+1.36%) at the previous session to put the price at N1.5.
Outlook
- Market sentiments trended bullish as seven companies in the NSE banking made gains at the end of the trading session as opposed to two stalemates and one loss.
- Nairametrics counsels cautious buying amidst growing uncertainty in Nigeria.
