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NSE Banking Index gains, Jaiz Bank plunges

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
April 24, 2021
in Markets, Stock Market
Nigerian Stock Exchange, NSE: Return of the Bulls, Bulls reign at the bourse as stocks gain N460.69 billion on Wednesday, Okomu, UACN, Ekocorp top gainers list on Friday, Stock Market closed the week bullish as ASI grew 0.94% , Investors gain N41.94 billion on Tuesday as Bulls make rebound, NSE: Bearish trade costa investors N12.2 billion on Tuesday, NEM, Mansard, First Bank lead gaining stocks as ASI grew 0.61%, Nigerian bourse breathes a sigh of relief, index up 0.17%, Bulls charged Nigerian bourse, ASI Index up 1.09% investors gain N128.49 billion, Bulls stage comeback has ASI up 0.19%, investors gain N21.86 billion, Bulls gain momentum, as stimulus package lifts global financial markets, Bulls dominate Nigerian bourse investors gain N162 billion
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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.

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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.

 


Follow us for Breaking News and Market Intelligence.
Tags: EcobankGTCO HoldingsJaiz BankNSE Banking IndexSterling bankUBAUnion BankZenith Bank News
Ubah Jeremiah Ifeanyi

Ubah Jeremiah Ifeanyi

For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah

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