Jaiz Bank and Wema Bank lead the plunge as NSE Banking Index falls

The NSE Banking Index made a bearish turn at the end of the trading session today with 4 profits opposing 5 losses and 1 stalemate. The index recorded a loss of -0.07% pushing it down to 359.32 from 359.57 index points.

Ecobank topped the gainers list again with a profit of +0.96% putting its price at N5.10. Technical analysis shows the bullish trend saw strong consolidation but finished in profit at the end of today’s trading session. Fidelity also posted gains of +0.90% settling its price at N2.25 from N2.23.

Access Bank recovered from the previous decline of -0.66% and posted a profit of +0.67% settling its price at N7.55 from N7.50. Guarantee Trust Bank also saw a profit of +0.32% pushing its price to N31.25 from N31.20.

Jaiz Bank topped the losers in the NSE Banking Index and came 5^th in the NSE ASI top losers with a loss of -4.76% pushing its price downwards from N0.63 to N0.61 at the end of the trading session today. Wema Bank came second place with the bears posting a loss of -3.39 % pushing its price downwards from N0.59 to N0.58.

Union Bank posted a significant loss of -2.00% settling its price at N4.85. Sterling Bank also saw a loss of -0.62% pushing its price from N1.61 to N1.48.

Zenith Bank was not saved from the claws of the bears with a dip of -0.45% pushing its price from N22.30 to N22.20. UBA held a stalemate holding its price at N7.50.

Outlook

• Market sentiments trended bearish as 5 banks post losses that opposed the 4 gains in the NSE Banking Index.
• Nairametrics advices cautious participation amid growing uncertainties.