The NGX Banking Index traded with the bears posting a loss of -0.22% to settle the index point at 356.68 from 357.46. Market sentiments tended towards the bears as 6 banks posted gains opposing 4 losses and 2 stalemates. This plunge is primarily due to the size of the banks that posted losses in the NGX Banking Index.
Union Bank took the biggest hit with a loss of -2.04% settling the price at N4.80 down from its previous close of N4.90.
Access Bank came 2nd among the top losers in the NGX Banking Index posting a loss of -0.67% and settling the price at N7.35 down from the previous day close of N7.45.
For GT Bank, technical analysis showed a bearish trend as massive selling pressure was felt around midday. The bearish momentum was maintained to post a loss of -0.48% settling the price at N31.00 from the previous day’s N31.15.
Ecobank also saw a loss of -2.88% settling the price at N5.05 from the previous day’s close of N5.20. Technical analysis showed that Ecobank pushed slightly above N5.30 before plunging downwards.
Sterling Bank topped the gainers as they posted a profit of +1.96% pushing the price upwards from N1.53 to N1.56.
Jaiz Bank recovered from the previous day’s loss to post gains of +1.67% pushing the price upwards to N0.61 from the previous close of N0.60.
Fidelity was next on the list of gainers with a profit of +1.33% settling the price at N2.29 from the previous day’s N2.26.
UBA also made slight gains of +0.68% pushing the price to N7.45. Technical analysis shows that consolidation was met with an upward push at the late hours of the trading session.
Zenith Bank and Wema Bank posted zero profit holding their price at N22.10 and N0.62.
OUTLOOK
- Market sentiment trends bearish in the NSE Banking Index as more banks saw losses with a greater magnitude.
- Nairametrics advises cautious participation amid growing uncertainties.