At the end of the trading session today, the NGX Banking Index posted a profit of +0.18%, opposing the significant loss posted at the last trading session of (-3.12%), putting the index point at 350.36. The market saw 2 gains, 5 stalemates, and 3 losses.
Wema Bank posted a profit of +5.45%, posting a price at N0.58 from its previous price of N0.55. Technical analysis shows that the bullish momentum was met with selling pressure at midday. Zenith Bank was saved from the bear’s claws with a profit of +0.42% placing the price at N23.90 from its previous close of N23.80.
Union Bank led the losers at the end of the trading session with a loss of -6.03% placing the price at N5.45 from its previous close of N5.80. Technical analysis shows that there was a massive selling pressure at the late hours of trading, settling the price below the entry.
Sterling Bank also felt the weight of the bears with a loss of -1.26%, placing the price at N1.61 from its previous close of N1.59.
Ecobank closed at a loss of -0.96%, posting the price at N5.15 from its previous close of N5.20.
Access Bank held a stalemate, maintaining price at N8.55. UBA also held a stalemate maintaining price at N5.45. Guarantee Trust Bank came in third place maintaining its previous price of N28.75. Fidelity Bank also held a stalemate holding price at N2.27 and lastly, Jaiz bank held a stalemate maintaining its price at N0.59.
Outlook
• Market sentiment trends bearish as 2 companies in the NGX Banking Index made gains as opposed to 5 stalemates and 3 losses at the end of the trading session.
• Nairametrics counsels cautious participation in the market amid growing uncertainties in Nigeria.
Is GTB still trying to go out of the NSE. Does this explain their inactivity in the last 3 days?
With you all the way…