Union Bank and Wema upsurge amid plunge of Jaiz bank

The NGX Banking Index saw a bullish trend of +1.25% to push the market to an index point of 356.60. The market sentiment trended bullish as 6 gainers were opposed to 1 loss and 3 stalemates showing some consolidation in the market.

Union Bank led the victors with an outstanding +9.43% to put its price at N5.80. Technical analysis showed that Union Bank shares started the bullish trend at the beginning of the trading session only to be pushed back by strong resistance around midday. It regained momentum to close well at N5.80.

Wema Bank ranked 2nd yesterday on the top gainers’ list, posting a profit of +3.51% to push its price to N0.59 from N0.57 held at the previous trading session.

Guarantee Trust Bank also came to a bullish end after yesterday’s trading session, putting its price at N28.70 which translated to gains of +1.76%.

Ecobank closed in profit with gains of +1.00% placing its price at N5.05 from it’s previous close of N5.00.

Fidelity Bank also joined the bulls to close in profit with gains of +0.89% putting its price at N2.270 at the close of yesterday’s trading session.

Zenith Bank was the last to be saved from the claws of the bears posting a profit of +0.22% which put its price at N22.95.

Jaiz Bank made a significant loss of -3.39%, where price decreased form N0.59 to N0.57.

Sterling Bank, Access Bank and UBA all held stalemates at N1.62, N8.10 and N7.10 respectively.