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 cancelled 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%) cancelling 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.

OutlookMarket 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.