At the end of the trading session today, the NSE Banking Index posted a loss of (-3.12%) supporting the significant loss posted at the last trading session of -1.95%, putting the index point at 350.36. The market saw 1 gain, 1 stalemate, and 8 losses.
After Jaiz Bank’s losses of -4.76%, putting the price at N0.61 at the previous trading session, the bank, today, made an outstanding profit of 10% pushing its price to N0.64.
Sterling Bank also posted a loss of -9.47% supporting its previously held loss of -8.65% to put the price at N1.54 from N1.69. Wema Bank held a stalemate putting the price at N0.58.
Zenith Bank made a significant loss of -4.11% putting the price at N21.00 which was in support of its -0.90% held on the previous trading day.
Fidelity Bank drifted from its positive momentum of +0.39 held at the previous trading session to post a significant loss of -3.47% putting the price at N2.52 from N2.59. EcoBank also added 2% to its 1% loss held at the previous trading session, putting the price downwards to N4.90 from N4.95.
GT Bank also continued with its bearish momentum after posting losses of -3.28% to push the price downwards from N28.60 to N28.00. Access Bank also posted a loss of -2.47% pushing the price downwards to N7.95 from N8.10. Union Bank posted a loss of -2.97% to put the price at N4.90 from N5.05. UBA was not saved from this bearish trend posting a loss of -0.71% putting the price at N6.95.
Outlook
- Market sentiment trends strongly bearish as 8 companies in the NSE Banking Index made losses as opposed to 1 stalemate and 1 gain at the end of the trading session today.
- Traders are expecting to see a recovery in the financial service sector.
- Nairametrics counsels cautious participation in the market amid growing uncertainties in Nigeria.