Bears sink claws deeper into NSE banking

At the end of the closing session today, the NSE banking loss (-0.65%) settled at 358.78 from 361.11 index points.

NSE banking index started today’s trading session on a bearish note, despite the bullish prediction by market sentiments of the last trading session. The market ended with 3 gains, 5 losses, and 2 stalemates.

Jaiz Bank made a substantial profit of (+4.69%) eliminating the previous gains on Monday of (-4.48%) thereby moving back to N0.67 from N0.64. Jaiz Bank was the top gainer in today’s trading session. Zenith Bank broke the stalemate and trended downwards with a loss of (-2/22%) pushing the price to N22.

Access Bank saw an increase of (+1.23%) which was slightly more than (+1.24%) gained on the previous trading session. Guaranty Trust Bank (GTB) recovers from the previous day’s stalemate to post gains of (+0.16%).

Ecobank canceled the significant increase of (+5.15%) in the previous trading session to post a loss of (-5.86%) pushing the price to N4.75 at the end of the trading session. Technical analysis showed that the Ecobank market price started the trading session on a bearish note and continued in the momentum to close at a loss.

Fidelity Bank made a loss of (-0.45%) which opposed the previous gains of (+1.29%), putting the price at N2.34.  Sterling Bank also made a loss of (-0.67%) which was less than (+1.36%) at the previous session to put the price at N1.5.

Union Bank decreased by (-0.94%) canceling out the previous gains of (+0.94%) which pushed the share price back to N5.10 from N5.35.

UBA and Wema bank both held a stalemate at the end of the trading session today, the price of the two companies settled at N6.9 and N0.60, respectively.

Outlook

• Market sentiment trends bearish as five companies in the NSE banking make a loss at the end of the trading session as opposed to two stalemates and three losses.
• Nairametrics counsels cautious buying amidst growing uncertainty in Nigeria.