WEMA plunges as NSE Banking Index rises

At the close of the trading session today, banks posted profits as the NSE banking index gained (+0.41%) to settle at 348.28 index points.

By Ubah Jeremiah Ifeanyi

At the close of the trading session today, banks posted profits as the NSE banking index gained

(+0.41%) to settle at 348.28 index points. This profit was less than the previous day’s (+2.19%). The NSE banking index started today’s trading session on a bullish note as predicted by market sentiments and experts. The market saw 6 gains, 3 stalemates, and 1 loss.

Wema Bank cancelled out some of its (+3.45%) gains to post a loss of (-1.72%) settling its price at N0.58 from the previous day’s N0.60.

After Access Bank saw an increase of (+ 1.90%) to put its price at N8.10, it then posted a stalemate to close at N8.05.

UBA also held a stalemate after its previous day gains of +0.72% holding its price at N7.00. Union Bank saw another stalemate putting its share price at N5.10 as opposed to the closing price of N4.90 held the previous day.

Ecobank broke out from its previous trading day stalemate to post significant gains of (+2.04), leading the gainers in the NSE Banking index. Ecobank’s share price increased to N5.00 from N4.90 held previously. Jaiz bank recovered slightly from the loss of -6.06% held at the previous trading session, posting a profit of (+1.61%) to put its price at 0.61 in today’s trading session.

Fidelity Bank reverted from its bearish momentum by posting a profit of (+0.81%) cancelling the previous day’s loss of -1.60% to put its price at N2.49, above the opening price of N2.46. Zenith Bank posted a profit of (+0.69%), supporting the profit of +3.81% held at the previous trading session, settling its price at N21.95 from N21.80.

Guarantee Trust Bank continued its bullish momentum to post a profit of +0.52% supporting the +0.68% held in the previous trading session to put its price at N28.80. Sterling Bank made a gain of +0.65% to settle its price at N1.59 from N1.56.

Outlook

• Market sentiment trends bullish as 6 companies in the NSE Banking Index made 6 gains as opposed to 3 stalemates and 1 loss at the end of the trading session today.
• Nairametrics counsels cautious participation in the market amid growing uncertainties in Nigeria.