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Markets

Sterling, Fidelity make a bull run as the NSE Banking index drops

The market ended with 3 profits, 4 losses, and 3 stalemates.

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At the end of the trading session today, the NSE banking index posted a significant loss of (-3.34%) eliminating the previous gains held at (+0.94%) at 357.33 from its previous 372.79 index points.

The NSE banking index started today’s trading session trending bearish. What seemed like a market recovery met strong resistance around noon and finally trailed downwards, below the opening index point. The market ended with 3 profits, 4 losses, and 3 stalemates.

Sterling Bank led the pack with a magnificent profit of (+8.82%) showing significant support to the profit held (+4.71%) and placing the price at N1.85 from N1.78. Sterling Bank showed significant bullish momentum amidst the April 1st sell-off. As the first quarter ends, Sterling Bank seems to be a significant player to watch.

Fidelity Bank also posted a significant profit of (+7.95%) adding momentum to the (+2.58%) held in the previous trading session, putting the price at N2.58.

Access Bank made a slight recovery from its loss of (-3.61%) held at the previous trading session to post gains of (+1.25%) putting the price at N8.10.

Union Bank posted a significant loss of (-4.72%) putting the price at N5.05 from N5.20.

Zenith Bank was not saved from the sell-off on the 1st of April and it made a (-2.00%) loss, holding price at N22.10 from N22.50.

EcoBank eliminated its previous day profit of (+0.99%) with a loss of (-0.99&) putting the price at N5.05.

Guarantee Trust Bank was not left out from the Bears’ claws as they dropped (-0.66%) to put the price at N29.95.

SSKOHN

Jaiz Bank, UBA, and Wema Bank all held Stalemate posting prices of N0.63, N7.05, and N0.57 respectively.

Outlook

  • Market sentiment trends toward consolidations as three companies in the NSE banking index make profits as opposed to three stalemates and four losses, at the end of the trading session.
  • Nairametrics counsels cautious buying amidst growing uncertainties in Nigeria.

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Ubah,Jeremiah ifeanyi is a PhD candidate of Economics in Covenant university. He has held positions as the financial manager in Opera and is also a research ambassador in M&S research Hub. Ifeanyi is currently the financial market analyst for Nairametrics. Follow Ifeanyi on Twitter @ubahjc

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Markets

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.

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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.

Top gainers

  1. CUTIX up +7.00% to close at N2.14
  2. PZ up +6.93% to close at N5.40
  3. LINKASSURE up +5.00% to close at N0.84
  4. COURTVILLE up +4.35% to close at N0.24
  5. OANDO up +3.96% to close at N3.15

Top losers

  1. 1. EKOCORP down -10.00% to close at N5.40
  2. SUNUASSUR down -9.09% to close at N0.60
  3. HONYFLOUR down -8.45% to close at N1.30
  4. SOVRENINS down -8.00% to close at N0.23
  5. UNITYBNK down -6.78% to close at N0.55

Outlook

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.

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Markets

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.

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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.

SSKOHN

Outlook

  • 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.

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