NGX ASI: Nigeria’s All-Share Index
The Nigerian Exchange’s composite All-Share Index (NGX ASI) experienced a fractional gain of 0.12% on Friday, closing at 245,573.60 basis points. Since the index remains within its corrective phase, investors should expect a slow recovery momentum.
Amid this sentiment, the bearish volume closed strongly above its moving average with solid liquidity and momentum. Also, MACD sustained its bearish divergence signal. These performances suggest a continuous bullish momentum.
NGXBNK: Banking Sector Index
On the weekly chart, the banking index gained 2.33% and closed at 2,586.38 bps. During intra-week trading, the index remained resilient above its moving average. This performance supported the index’s bullish momentum.
In line with this sentiment, the bullish volume closed strongly above its moving average. Also, the index’s momentum and liquidity strengthened. Notably, MACD commenced its bullish signal, confirming that a bullish rally is on the horizon.
NGXCSMG: Consumer Goods Sector Index
The consumer goods index gained 1.97%, closing at 7,078.25 bps. During the week, the index remained resilient above its moving average. Also, this performance maintained bullish momentum on the weekly chart, with the index closing near its 52-week high.
Given this sentiment, the bullish volume closed moderately strong as liquidity and momentum improved. Notably, MACD commenced its bullish signal, attracting investment opportunities
NGXIND: Industrial Goods Sector Index
The industrial Goods sector experienced a marginal loss of 0.17%, closing at 10,507.25 bps. During the week, the index did not make any significant change in basis points. However, the money flow increased steadily, suggesting sustained investor interest.
In line with this, MACD sustained its bearish divergence signal, while momentum and liquidity remained solid. This sector is worth watching for a potential bullish momentum.
NGXOGSE: Oil and Gas Sector Index
The oil and gas index also experienced a fractional loss of 0.03%, closing at 5,240.85 bps. Based on volume on the weekly chart, investors sold about one billion shares, following global tensions. Also, liquidity declined drastically. Amid this bearish performance, MACD sustained its bearish divergence signal; also, momentum remained solid. Thus, the index still has potential.
NGXINS: Insurance Sector Index
The insurance index lost 3.31% and closed at 1,160.35 bps. During the week, the index attempted to recover after a strong corrective market. In line with this performance, its liquidity and momentum remained solid. Also, MACD sustained its bearish divergence signal.
Market Analyst Insight
The NGX’s performance this week sets the backdrop for what investors should expect in August. The banking and consumer goods sectors closed strongly bullish, aligning with the recovery phase. Thus, these indices should start their fifth impulsive wave. In line with this sentiment, the insurance sector maintained its long-term outlook as the index continues to recover.
