Nigeria’s All-Shares Weekly Performance for April 20-24
The NGXASI closed the week gaining 3.94% with a strong bullish sentiment. The performance recorded a new all-time high, closing at 225,724.33. This reflects a continuous investor confidence in the Nigerian bourse.
The nature of the NGXASI’s bullish volume was progressive. Following this sentiment, MACD renewed its bullish momentum. Additionally, the Nigerian bourse closed the week on a positive note, indicating that it is favourable for investment. RSI and MFI are aligned with the stochastic signal by maintaining liquidity and strong market momentum. What sectors offer favourable investment opportunities
Sectoral Index Performance
NGXBNK: Banking Sector Index
The banking sector closed the week gaining 6.81% at 2,414.65. This performance led to a new all-time high and resistance level at 2145.62. The index experienced a strong bullish rally this week following an outstanding performance from blue-chip banking companies. These companies include ACCESSCORP, FIRSTHOLDCO, ETI, WEMA, GTCO, and STANBIC.
The NGXBNK closed the week with a strong bullish volume, which exceeded last week’s performance. Volume closed above its moving average with a reading of 1.588 billion shares against 1.361 billion shares. This performance signifies enhanced investor interest in the sector.
Following this performance, MFI and RSI closed the week with high liquidity and strong momentum. Finally, Stochastics signalled a good investment opportunity for investors, despite being in the overbought region.
NGXCSMG: Consumer Goods Sectors Index
The consumer goods sector closed this week gaining 5.56% at 6,571.55. This performance reached a new all-time high, creating a resistance level at 6,573.88. Blue-chip banking companies supported the strong bullish sentiment of the index. While other consumer goods companies such as PZ, DANGSUGAR, GUINNESS, and UNILEVER.
The NGXCSMG closed with a strong bullish volume, revealing a renewed investor confidence. The bullish volume traded above its moving average, closing with 1.853 billion bought shares. Following this sentiment, MACD regained its bullish momentum. RSI and MFI indicated sustained market liquidity and momentum. Stochastic is aligned with the overall market sentiment by signalling an investment opportunity.
NGXIND: Industrial Sector Index
The industrial sector experienced another strong bullish sentiment this week, gaining 7.70%. The index closed at 9,648.02, recording a new all-time high. The companies that influenced this strong bullish rally include WAPCO, DANGCEM, BETAGLAS, IMG, and MULTIVERSE.
The performance of the NGXIND’s volume was progressive. As opposed to last week, the bullish volume closed above its moving average with a reading of 134.384 million purchased shares. MACD renewed its bullish momentum. Additionally, MFI and RSI sustained high market liquidity and strength. As a result, stochastic indicated a renewed investor confidence in the sector.
NGXOGSE: Oil and Gas Sector Index
The oil sector was in its distribution phase this week. Thus, it closed with a bearish candlestick. Despite closing bearish, the index reached a new all-time high (5,349.08), recording a potential resistance level for its distribution phase. Companies in this sector didn’t experience a significant change aside from profit-taking.
Despite profit-taking, the indicators on the weekly chart sustained their bullish sentiment. Volume aligned with the profit-taking activity. RSI and MFI sustained high liquidity and momentum, strengthening MACD’s bullish momentum. Following this sentiment, stochastic signalled that the index offers an investment opportunity
NGXINS: Insurance Sector Index
The insurance sector gained 0.4% on the weekly chart, closing at 1,200.01. This performance validated the strength of the index’s support level (1,195.58). The companies that supported this index’s strength include VERITASKAP, WAPIC, LINKASSURE, CONHALLPLC, and NEM.
The indicators on the weekly chart are favourable for medium and long-term investment. MFI indicates solid liquidity in the market. RSI is at an equilibrium. Then stochastics signalled that the index has potential for a bullish rally. Following these sentiments, MACD remained strongly bearish.
Final Thought
Although these indices closed the week offering favourable investment opportunities, investors should be aware that the market hasn’t corrected itself. Sectors such as banking, industrial, and consumer goods are close to their corrective phase. While the oil and insurance sectors offer a safer investment opportunity.
