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Business News of Friday, 9 April 2021

Source: Naira Metrics

The NSE Banking Index recovers from its previous day loss 

Nigeria stock exchange trading floor Nigeria stock exchange trading floor

At the end of the trading session today, the NSE Banking Index posted a profit of +2.19% opposing the significant loss posted at the last trading session of (-3.12%) putting the index point at 350.36. The market saw 1 gain, 1 stalemate, and 8 losses. 

Jaiz bank cancelled some of its previous day profit of 10% and posted a loss of -6.06% at the end of today’s trading session pushing the price downwards to N0.65 from its opening price of N0.66 in today’s trading session. 

Fidelity Bank continued its bearish momentum by posting a loss of -1.60% adding to its previous day loss of -3.47% to put its price at N2.49.

Zenith Bank led the top gainers posting a profit of 3.81% as opposed to the loss of -4.11% held at the previous trading session, settling its price at N21.80. 

Wema Bank had a more deterministic move from the previously held stalemate posting a significant profit of +3.45% putting its price at N0.60. Guarantee Trust Bank recovered from its bearish momentum and settled with the bulls to post a significant profit of +2.68% as opposed to the -3.28% held in the previous trading session to put its price at N8.75. Access Bank also had a slight recovery from its previous day’s loss of -2.47% to post a profit of +1.90% putting its price at N8.00. 

Sterling Bank made a gain of +1.31% to settle its price at N1.56 which is a slight recovery from yesterday’s massive loss of -9.47%. UBA held its price at N7.00 with gains of +0.72%. EcoBank and Union Bank both held stalemates with equivalent prices of N4.90  

Outlook Market sentiments trended bullish as 6 companies in the NSE Banking Index made gains as opposed to 2 stalemates and 2 losses at the end of the trading session today. Nairametrics counsels cautious participation in the market amid growing uncertainties in Nigeria 

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