At the end of the trading session yesterday, the NSE banking index posted a significant profit of (0.94%) to continue the bullish momentum of (+2.06%) held in the previous trading session on Monday at 372.79 from its previous 369.33 index points.
The NSE banking index started yesterday’s trading session with slightly bullish momentum to post a profit at the end of the trading session. The market ended with 4 profits, 4 losses, and 2 stalemates.
Ecobank topped the losers with (-4.72%) which is opposed to (+6.00%) held in the previous trade. At the end of yesterday’s trading session, the price dropped from N5.20 to N5.15. Technical analysis shows that the bull run met some resistance but lost momentum towards the end of the trading session before ending bearish.
Fidelity Bank posted a loss of (-2.92%) almost cancelling profit of (+3.45%) held at the previous trading session to put the price at N2.34. Access bank also posted a loss of (-1.81%), as opposed to the previous loss of (-0.60%), putting the price at N8.15 from N8.30.
UBA was the top gainer yesterday with profits of (4.35%) supporting the (+1.47%) held in the previous trading session to settle its price at 7.20 from N6.90. Sterling Bank recovered Monday’s loss of (-1.18%) to post a profit of (+1.80%) placing the price at N1.68 from N1.67. GTB also made a profit of (+0.30%) which supported the previous profit of (+4.28%), putting the price at N33.00 from N32.90.
Jaiz Bank made a loss of (-1.56%) as opposed to (+8.47%) profit held on Monday. Jaiz Bank showed a negative momentum as profits push prices down from N0.64 to N0.63. Zenith Bank also posted a profit of (+2.49%) supporting the profit of (+0.23%) held the previous day, putting the price at N22.60 from N22.05.
Union Bank continues to post (0.00%) in line with the last trading session results holding the price at N5.30. Wema posted profits of (0.00 %) to settle its price at N0. 62.
Outlook
- Market sentiment trends toward consolidations as four companies in the NSE banking index make a profit as opposed to two stalemates and four losses, at the end of the trading session.
- Nairametrics counsels cautious buying amidst growing uncertainties in Nigeria.
