The NSE Banking Index saw a bullish trend of +0.03% to push the market to an index point of 348.91. The market sentiment trended slightly bullish as 4 gainers were opposed to 2 losses and 4 stalemates showing some consolidation in the market.
Sterling Bank led the victors with an outstanding +7.14% to put the price at N1.80. Technical analysis shows that Sterling Bank shares started bullish at the beginning of the trading session only to be pushed back by strong resistance and around midday, it started gaining momentum to close well above the entry price of N1.68.
Ecobank ranked 2nd on the top gainers list of the NSE banking index, posting a profit of +2.08% to push the price to N4.90 from its N4.80 held at its previous trading session.
READ: Ecobank, Fidelity Bank and Access Bank drop as NSE banking index rises
Guarantee Trust Bank saw a bullish trend from the beginning of the trading session to trend above N21.04 around midday. However, this momentum was reversed to trend back down putting the price at N28.85 which translated to gains of +0.17%. Fidelity Bank was the last to be saved from the claws of the bears posting a profit of +0.40% which put the price at N2.49.
Jaiz Bank made a significant loss of -7.69%. Technical analysis shows that a strong bearish trend from the opening price saw a recovery to push it upwards. However, the momentum was not enough to close above the opening price. Jaiz Bank saw a price decrease form N0.65 to N0.63.
READ: Sterling Bank reveals N215 billion sequestered by CBN as CRR Debits
Zenith Bank also posted a loss of -0.45% putting price at N21.90.
Access Bank, UBA, Union Bank and Wema Bank all held stalemates at N8.10, N6.95, N4.90 and N0.57 respectively.
Outlook
- Market sentiments trend bullish as 4 companies gained, opposed to 4 stalemates and 2 losses.
- Nairametrics advises cautious buying amidst growing uncertainties.
