The NSE Banking Index at the end of trading session today printed a gain of 2.06%, to close higher at 369.33 index points, at the back of strong bullish momentum in banking stocks.
At the close of trading activities today, 7 banks which the Index tracks appreciated in value, 2 printed losses while 1 remain unchanged.
Access bank was not on the winning team today posting a loss of (-0.60%), as opposed to the previous profit of (+1.22%), putting the price at N8.30. Sterling Bank also made a loss of (-1.18%) placing the price at N1.67. Technical analysis for sterling shows a consolidation before trending bearish. Union Bank continues to post (0.00%) in line with the last trading session results holding the price at N5.30.
Jaiz Bank topped the market with gains of (+8.47%) which was much higher than the previous gains (+1.56). Jaiz Bank showed a positive momentum as profits push prices to N0.64. Ecobank was the second-best gainer with (+6.00%) as opposed to (+4.26%) held in the previous trade, at the end of today’s trading session the price rose from N4.95 to N5.30. Technical analysis shows that the bull run met some resistance but maintained momentum towards the end of the trading session.
GTB also made a profit of (+4.28%) which supported the previous profit of (+0.48%), putting the price at N32.90. Fidelity Bank posted profit of (+3.45%) also supporting (+1.31%) held at the previous trading session to put the price at N2.4. Wema posted profits of (+3.33%) to settle its price at N0.62. UBA posted profits of (+1.47%) to settle its price at settle at N6.90. Zenith joined the winner with a gain of (+0.23%) putting the price at N22.05.
Outlook
- Market sentiment trends bullish as seven companies in the NSE banking recorded positive growth as opposed to one stalemate and one loss, at the end of the trading session.
- Nairametrics counsels cautious buying amidst growing uncertainties in Nigeria.
