The NSE Banking Index plunges as Zenith Bank dips


The NSE Banking Index trended bearish at the end of the trading session today; 5 gains were posted opposing 3 losses and 2 stalemates. The Index finished in the red with a loss of -0.04% pushing the Index point down to 357.76 from 357.89

UBA topped the gainers with a +2.07% increase. Technical analysis showed that UBA share price saw a noticeable upward trend from the start of the trading session pushing the price from its previous day’s close of N7.25 to N7.40.

Wema bank also posted gains of +1.75% pushing the price from the previous day’s close of N0.57 to N0.59 at today’s close of market. Wema Bank technical analysis shows a slightly correlated trend with that of UBA for today’s trading session.

EcoBank saw a +1.01% gain at the end of the trading session today. Price was moved from its previous gains of N4.95 to N5.00 showing a N0.05 increase that was sufficient enough to earn EcoBank 4th place on the gainers’ side at the end of the trading session today.

Access Bank escaped the bear’s claws with a +0.67% profit at the end of the trading session, technical analysis shows massive consolidation today before price moved from N7.50 to N7.55.

GTBank was also saved after posting a profit of 0.16% pushing the price to N31.30 from its previous N31.25.

Fidelity Bank held top spots on the losing side of today’s trading session with a noticeable decline from -1.77% pushing the price downwards from N2.26 to N2.22.

Jaiz Bank saw a noticeable bearish turn of -1.59% holding the price at N0.62 from N0.63.

Zenith Bank was next to feel the claws of the bear as it took a hit of -1.35% pushing price downwards from N2.30 to N2.00. Union Bank and Sterling Bank both saw a stalemate at the end of the trading session today to hold at N5.00 and N1.60 respectively.

Outlook

Market sentiments indicate that tomorrow might see a bullish recovery with 6 gainers being opposed to 3 losers and 3 stalemates.Nairametrics advises cautious participation in the market amid growing uncertainties.

Source: Nairametrics

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