The NSE Banking Index traded bearish at the end of the trading session yesterday as two banks posted gains as opposed to two stalemates and six losses. The NSE Banking Index finished in the red with a loss of -0.97% to put the index point at 344.83. Market sentiments trend strongly bearish as the losers outweighed the gainers substantially.
Jaiz Bank continued with its outstanding performance to post profit of +6.67% pushing the price to N0.61 from its N0.60 held on the previous day. EcoBank was also saved from a sudden dip of the NSE Banking Index with gains of +2.08% putting the price at N4.90. Fidelity Bank posted zero profit, to put the price at N2.47. Access Bank also saw a stalemate holding the price at N8.10 once again.
Union Bank topped the losers with a loss of 7.14% putting the price at N4.75 from its previous N4.90. Wema Bank declined from its previous day gains pushing the price downwards from N0.60 to N0.55 showing a -6.67% loss. UBA was 3rd among the losers with a loss of -2.16% pushing the price downwards to N6.80.
Zenith Bank also saw a loss of 0.91% pushing the price from N22.00 to N21.80 technical analysis shows major consolidations with a downward pressure felt during midday. Zenith Bank shares saw recovery during the late hours of the trading session but it was not substantial enough to put it above the opening price.
Sterling Bank was not left out of the claws of the bears with losses of -0.61% pushing the price downwards to N1.70. GT Bank also posted a loss of -0.17% moving the price from N28.95 to 28.75.
Outlook
- Market sentiment trended bearish as 6 companies made losses as opposed to 2 stalemates and 2 gains at the end of the trading session yesterday.
- Nairametrics counsels cautious participation in the market amid growing uncertainties in Nigeria.
