Wema and Fidelity Bank trend bullish as Banking Index posts loss

At the end of the trading session today the NSE Banking Index posted a loss of -1.95% supporting the significant loss posted at the last trading session of -3.37% putting the index point at 350.36. The market saw 2 gains, 2 stalemates, and 6 losses. 

Wema Bank topped the gainers’ list, posting gains of +3.51% to put its price at N0.58 which is more deterministic than the stalemate held in the previous session. Fidelity Bank also continued its positive momentum posting a profit of +0.39% which is significantly less than the profit of +7.95% recorded at the previous trading session, putting its price at N2.59. 

Sterling Bank almost eliminated its outstanding profit of +8.82% held in the previous trading session by posting a massive loss of -8.65% to put its price at N1.69. Jaiz Bank left the previous stalemate to post losses of -4.76% putting its price at N0.61. 

GT Bank also continued with its bearish momentum after posting losses of -3.34% to push its price downwards from N29.95 to N28.60. Ecobank also saw a -1.00% loss to put its price at N4.95.

Zenith Bank once again was not saved from the bear’s claws posting a loss of -0.90% putting its price at N21.90. UBA also saw a loss of -0.71% to put its price at N7.00. Access Bank held a stalemate putting its price at N8.10. Union Bank posted zero profit, holding its price at N5.05. 

Outlook 

• Market sentiment trends strongly bearish as 6 companies in the NSE Banking Index made losses as opposed to 2 Stalemates and 2 gains at the end of the trading session today. 
• Nairametrics cancels cautious participation in the market amid growing uncertainties in Nigeria.