Nigeria’s All-Shares Performance for 7th May, 2026
Nigeria’s benchmark index shed 1.23% to continue its distribution phase, closing at 239,734.61 basis points which is above its moving average. This indicates that the market remains strong irrespective of the prevailing bearish sentiment
The NGX All-Share Index suffered a decline, aligning with the overall market sentiment. Amid this bearish sentiment, investors engaged in bargain hunting to rebalance their portfolios. Which sector benefited more despite NGXASI’s performance?
Sectoral Index Performance
NGXBNK: Banking Sector Index
The NGXBNK continues its bearish sentiment as investors take profits and rebalance their portfolios. Thus, the index declined by 1.11%, closing at 2,249.21 below its moving average. Given this performance, market analysts will determine the strength of the index’s support level at 2,194.97. Notable contributors included ACCESSCORP (-5.06%), FCMB (-4.35%), ZENITH (-3.10%), and UBA (-2.44%).
The index’s bearish volume closed strongly above its moving average after experiencing five losers against two winners. In line with this performance, MACD reinforced its bearish momentum, strengthening its signal. MFI and RSI declined to align with the overall market sentiment.
NGXCSMG: Consumer Goods Sector Index
Profit-taking and Bargain hunting prevailed in the consumer goods index. The index declined by 0.51%, closing at 6,379.33 below its moving average. Given this performance, market analysts will also determine the strength of the index’s support level at 6,152.60.
Notable contributors to the bearish sentiment included REDSTAR (-9.59%), WAPCO (-5.07%), ACCESSCORP (-5.06%), DANGCEMENT (-4.89%), and ZENITH (-3.10%). Then, companies that benefited from the bargain hunting included NEIMETH (+9.76%), NPFMCRF (+8.66%), WAPIC (+8.06%), and CORNERS (+5.88%).
Although the index experienced 15 winners against 12 losers, its volume was bearish. This is due to continuous bargain hunting in the sector. In line with this sentiment, RSI and MFI declined, while maintaining their position above their thresholds. Finally, MACD strengthened its bearish momentum.
NGXIND: Industrial Sector Index
The industry experienced massive profit-taking and also benefited from bargain hunters. The index declined by 5.45%, closing at 11,050.59 above its moving average. Given this performance, the index closed forming a morning star candlestick pattern which indicates a bearish rally is on the horizon.
Notable contributors included BUACEMENT (-6.51%), WAPCO (-5.07%), and DANGCEMENT (-4.89%). Then the companies that benefited from bargain hunting included DNMEYER (+9.97%) and CUTIX (+3.55%).
The bearish volume was moderately strong. RSI and MFI declined while maintaining their position above their thresholds. Finally, MACD’s bullish momentum declined, aligning with the overall market sentiment.
NGXOGSE: Oil and Gas Sector Index
The NGXOGSE started its recovery phase following the index support level at 5,867.11. The index gained 0.39%, closing at 5,889.73 above its moving average. The bullish sentiment could be brief as the index is in its distribution phase. A notable contributor was SEPLAT, gaining 0.93%
The bullish volume for Thursday’s performance was moderately low. In line with this performance, MACD’s bullish momentum declined. However, MFI and RSI remained solid above their thresholds. Overall, the index remains strong.
NGXINS: Insurance Sector Index
The insurance sector gained 1.51%, closing at 1,238.57 above its moving average. The index is within its resistance zone (1,246.81), thus, breaking this zone will further validate the strength of this bullish rally. Notable contributors included SOVRENI (+9.57%), WAPIC (+8.06%), PRESTIGE (+6.43%), CORNERS (+5.88%), and VERITASKAP (+2.35%).
The indicators on the daily chart are rapidly gaining momentum as the insurance index recovers. The bullish volume closed strongly above its moving average. MACD reinforced its bullish momentum, while MFI attempted to cross its threshold.
Final Thought
Investors are taking profits from high-valued companies and investing in undervalued companies. Bargain hunters continued to dominate in the consumer goods sector, making the sector attractive. Companies in the insurance sector are also gaining traction due to bargain hunting. Thus, investors must position themselves in a fundamentally sound insurance stock.
