At the end of the trading session today, the NSE banking index dropped by (-0.71%) to settle at 348.20 from 348.28 index points. This profit was less than the previous days (+2.19%). The NSE banking index started today’s trading session on a bearish trend. The market saw 3 gains, 3 stalemates, and 4 losses.
Jaiz Bank left the claws of the bears with a profit (+5.00%) settling its price at N0.63 as it eyed the N1 mark. Analysts speculate that this milestone may be surpassed by the end of the year. Wema banks topped the gainers with a significant (+5.26%), putting it on the top 5 list on the NSE-ASI.
Wema Banks share price stood at N0.58 at the end of the trading session.
Zenith Bank was saved from sell-off by posting a profit of (+0.46%) pushing the price to N22.00 from N21.90.
Sterling Bank led the losers as they made a significant loss of (-8.33%) dropping the price to N1.68 from N1.80 held the previous day.
Union Bank also dropped by (-3.06%) dropping the price at N4.75 from the previous close of N4.90.
Fidelity Bank saw a loss of (-0.80%) dropping the price to N2.47 from the previous day’s close of N 2.49. Technical analysis trended bearish from the beginning to the end of the trading session. GTB was not left out of the loss in the NSE Banking Index starting the day at N28.95 to close at N28.80 showing a -0.52% decrease.
UBA posted zero profit to hold the price at N6.95 which was exactly the same price as the previous days close.
Access Bank held another stalemate to hold the price at N8.10. Finally, EcoBank also saw a stalemate putting the market price at N4.80.
Outlook
- Market sentiment still shows major consolidation as NSE Index companies have 3 gains, 3 Stalemates and 4 losses.
- Analysts project recovery from the NSE Banking Index before the end of the week.
- Nairametrics advises cautious participation in the market amid growing uncertainties.
