NSE Banking Index gains, Jaiz Bank plunges

The NSE Banking Index made a bullish recovery at the end of the trading session yesterday with 6 profits opposing 4 losses. The Index finished in the bulls with a profit of +0.51% pushing the points upwards from 357.76 to 359.57.

EcoBank topped the gainers list with a profit of 4% putting the price at N5.20 from N5.00. Technical analysis showed a strong bullish trend dominated the trading session after selling pressure was felt at the beginning hours of the trading session. Wema Bank came in second with profits of +1.72% pushing the price upwards from N0.58 to N0.59

Zenith Bank benefitted from the bullish dominance in yesterday’s trading session posting gains of +1.36%, pushing the price to N22.30 from N22.00. UBA saw similar gains of N1.35% pushing the price to N7.50 from N7.40. Technical analysis showed that the bullish momentum saw much resistance but managed to close above the entry price.

Sterling Bank posted profits of +0.63% settling the price at N1.6. Fidelity also took the bull’s side with profits of 0.45% settling price at N2.23.

However, the bears had 4 banks in their grip. Jaiz Bank posted the biggest loss of -3.17% settling the price at N0.61 from N0.63 held the previous day. Union Bank also saw a dip of -2% pushing the price downwards to N4.90 from the previous close of N5.00.

Guarantee Trust Bank also saw a loss of -0.32% settling the price at N31.20. Access Bank also saw a decline of 0.66% settling the price at N7.50.

Outlook

• Market sentiments trend bullish as 6 Banks posted profits in the NSE Banking Index.
• Nairametrics advices cautious participation amid growing uncertainties.