Nigeria’s All-Share Performance for June 3rd, 2026
The benchmark All-Share Index of the Nigerian Exchange lost 1.44% on Wednesday, closing at 243,135.12 basis points, reflecting a continuation of the market’s markdown phase. The composite index (ASI) suffered what could be considered a drastic decline, breaking its support level at 244,289.06 basis points, reflecting the strong bearish sentiment prevailing in the market. This report will, therefore, use the Fibonacci sequence to determine possible support levels for investment opportunities.
On the daily chart, the NGXASI sustained its downward trajectory. Midweek’s market liquidity, momentum, and volume closed weak amid bargain hunting and portfolio rebalancing. How did key sectors of the market perform?
Key Sectoral Index Performance
NGXBNK: Banking Sector Index
The banking sector index lost 1.53%, closing at 2,250.27 bps, continuing its markdown phase and met a strong support at 2,211.70 bps. This brief retracement validates the 0.382 Fibonacci sequence as a potential support level. Thus, a distribution phase should rally between 0.382 and 0.618 in the Fibonacci sequence. Notable contributors included giants in the sector such as: FIRSTHOLD (-6.80%), UBA (-3.15%), GTCO (-1.91%), FIDELITY (-1.90%), and ZENITH (-0.83%)
The indicators on the NGXBNK daily chart aligned strongly with the overall market sentiment. Since the sector experienced more losers than winners, these indicators signaled low market liquidity, momentum, and volume.
NGXCSMG: Consumer Goods Sector Index
On the daily chart, the consumer goods index experienced a strong bearish sentiment, losing a significant 2.61% to close at 6,274.32 bps. The index met support at 6226.51 bps with this index’s action validating the 0.382 Fibonacci sequence as a possible support zone that should lead to a distribution phase. Notable contributors included WAPCO (-9.97%), NEM (-8.81%), MTNN (-6.95%), and NB (-4.13%).
The NGXCSMG indicators aligned with the overall bearish sentiment. Since the index closed below its moving average, the market closed with low volume, momentum, and liquidity. Thus, investments are moving to undervalued, fundamentally strong companies in the sector.
NGXIND: Industrial Sector Index
The industrial sector index broke its support level at 11,692.15 after losing 1.55% and closing at 11,590.98 bps, continuing its markdown phase dominated by profit-taking and portfolio rebalancing. Notable contributors included WAPCO (-9.97%) and CUTIX (-2.00%). Given this index action, the index should met a potential support at 11,174.80 bps according to the Fibonacci retracement sequence.
The bearish volume closed strongly above its moving average, aligning with the bearish sentiment. In line with this performance, the market liquidity declined drastically. Thus, RSI’s solid momentum is expected to weaken as MACD’s bearish momentum strengthened.
NGXOGSE: Oil and Gas Sector Index
The oil index shed 0.05%, closing at 5,961.06 bps above its moving average. The index continued to remain resilient, although it’s in a recovery phase. Based on this performance, short-term traders are gradually taking profits as the index consolidates.
The NGXOGSE closed with a mixed sentiment. While market volume and liquidity remained low, RSI sustained its solid momentum, and MACD’s bearish momentum indicated divergence. This action reveals that a potential bullish sentiment is on the horizon. However, it’s vital to understand that a bullish action means investors are buying into value as the market remains weak.
NGXINS: Insurance Sector Index
The insurance sector index lost 2.76%, closing below its moving average. As expected, the index retraced to 0.5 of the Fibonacci sequence, closing at 1,232.43. Thus, the insurance should continue its bullish sentiment, as it’s an opportunity to buy into value.
On the daily chart, the insurance index closed with a fairly strong bearish volume, while RSI’s momentum declined. Also, MACD’s bullish momentum signaled strong divergence. However, MFI stood out, closing in an upward momentum. This action indicates sustained investor confidence in the sector amid massive profit-taking.
Final Thought
The bearish sentiment continues in the market, which raises the question, “When will it stop?” Market players can pinpoint possible support levels using the following Fibonacci retracement levels: 0.382, 0.5, and 0.618. In line with this sentiment, the banking and consumer goods indices are expected to commence their distribution phase, while the insurance sector continues its bullish run.
