Sterling, Fidelity make a bull run as the NSE Banking index drops

At the end of the trading session today, the NSE banking index posted a significant loss of (-3.34%) eliminating the previous gains held at (+0.94%) at 357.33 from its previous 372.79 index points.

The NSE banking index started today’s trading session trending bearish. What seemed like a market recovery met strong resistance around noon and finally trailed downwards, below the opening index point. The market ended with 3 profits, 4 losses, and 3 stalemates.

Sterling Bank led the pack with a magnificent profit of (+8.82%) showing significant support to the profit held (+4.71%) and placing the price at N1.85 from N1.78. Sterling Bank showed significant bullish momentum amidst the April 1st sell-off. As the first quarter ends, Sterling Bank seems to be a significant player to watch.

Fidelity Bank also posted a significant profit of (+7.95%) adding momentum to the (+2.58%) held in the previous trading session, putting the price at N2.58.

Access Bank made a slight recovery from its loss of (-3.61%) held at the previous trading session to post gains of (+1.25%) putting the price at N8.10.

Union Bank posted a significant loss of (-4.72%) putting the price at N5.05 from N5.20.

Zenith Bank was not saved from the sell-off on the 1st of April and it made a (-2.00%) loss, holding price at N22.10 from N22.50.

EcoBank eliminated its previous day profit of (+0.99%) with a loss of (-0.99&) putting the price at N5.05.

Guarantee Trust Bank was not left out from the Bears’ claws as they dropped (-0.66%) to put the price at N29.95.

Jaiz Bank, UBA, and Wema Bank all held Stalemate posting prices of N0.63, N7.05, and N0.57 respectively.

Outlook

• Market sentiment trends toward consolidations as three companies in the NSE banking index make profits as opposed to three stalemates and four losses, at the end of the trading session.
• Nairametrics counsels cautious buying amidst growing uncertainties in Nigeria.