The NGX Banking Index saw a decline at the end of the trading session today as it grappled with the third loss of the week. There was a drop of 5.17 index points amounting to a loss of -1.45% and settling the index points at 351.51. The market saw 3 gains opposing 1 stalemate and 6 losses.
Sterling bank saw a surge of +5.88% placing it on the top spot for the gainers on the NGX Banking Index which settled its price at N1.62 from its previous day’s close of N1.53. Technical analysis shows that a strong upward trend was maintained.
Jaiz Bank also posted profits of +1.64% pushing the price upwards to N0.61 from N0.60.
Zenith Bank saw stocks increase by +0.23% pushing the price upwards from N22.10 to N22.15. Technical analysis revealed that the price showed high volatility but was able to maintain bullish momentum and close in profit.
Guarantee Trust Bank topped the losers posting a loss of -3.06% dropping its price from N31.00 to N30.05. Technical analysis showed that the bears dominated the trading session with a slight recovery seen at the closing but the recovery was not substantial enough to push past certain selling pressure, hence, it closed in the red.
Access Bank saw a dip of -2.04% amounting to a loss of N0.15 settling the price at N7.25.
Wema bank also saw a decrease of -1.67% dropping its price from N0.60 to N0.59. Fidelity Bank also got clawed by the bears with a loss of 1.31% dropping the price from N2.29 to N2.26.
UBA was not saved from the bear’s claws with a loss of N0.05 amounting to a 0.68% decrease and settling the price at N7.35.
Ecobank saw a decrease of -1.87% from N5.35 down to N5.25.
Union Bank saw a stalemate for the third day in a row maintaining the price at N4.90 after its 2% loss on the 24th of April.
Outlook.
- Market sentiment trends bearish as 6 losses were opposed by 3 gains and 1 stalemate.
- Nairametrics advises cautious participation amid growing uncertainties.
