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Zenith Bank Shines, Gains +0.99% Amidst NSE Banking Sell-Off

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Zenith Bank Shines, Gains +0.99% Amidst NSE Banking Sell-Off

At the end of the trading section, Wednesday, the Nigeria Stock Exchange (NSE) banking (NGNBNK10) recorded a drop of (-0.42%) to reconcile at 336.46 index points.

Zenith Bank ended the trading day for Wednesday bullish while five other banks got bearish, also neutral gains were published by four banks.

In the NSE reports, it was observed that many of the Nigerian Banks posted more losses than gains. However, this might be in connection to the recent report that the Economic and Financial Crime Commission (EFCC) gave bankers in Nigeria financial institutions an ultimatum to declare assets indicate as a catalyst for sell-off in this sector.

Below are the top five banks listed on the NSE banking that recorded lost:

First off, Zenith Bank clinched the top position on the NSE banking index with an increase of (+0.99%) closing the price at N20.55. Technical analysis shows that Zenith Bank started its bullish trend after 10 a.m., recovering from the sell-off at the early hours of the trading section. Zenith Bank’s successful recovery pushed it out of the bear claws that gripped the NSE banking.

Unveiling the Nigerian banks that recorded losses, Fidelity Bank topped the losers in the NSE banking index with a decrease of (-1.79%) to close at N2.19. Although Fidelity Bank showed bullish tendencies, it could not maintain momentum and finished below par.

Guaranty Trust Bank (GTB) was the second-worst performer in the NSE banking as it dropped (-1.75%) to close at N28.00. Guaranty Trust Bank traded as high as N28.70 but started trading bearish after 10 a.m.

READ >>  Zenith Bank: Cost of Funds Optimisation Amid Growth in Non-Interest Income.

Moving forward, Wema Bank trailed the bank as it got the jab of the bears by finishing the trading session with a loss of (-1.67%) to close at N0.59.

Also, Jaiz Bank dropped by (-1.47%) to close at N0.67 thereby making the fourth position on NSE banking top loser today.

Lastly, Union Bank (UBN) dropped (-0.99%) to settle at N5. UBN technical analysis shows consolidation before fall from previously ascertained N5.10.

Neutral gains were seen amongst four of the banks at the end of today’s trading section. Access Bank, Guaranty Trust Bank, Sterling Bank, and UBA all ended the trading section with (0.0%) gains, barely escaping the sell-off in NSE banking.

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