NGX ASI: Nigeria’s All-Share Index
The Nigerian Exchange’s All-Share index (NGX ASI) lost 0.74%, closing with a strong bearish volume, a performance that usually indicates the exit of smart money. Also, it offers market participants investment opportunities. During intraday trade, the NGX ASI experienced strong bearish momentum and closed at 246,723.56 basis points. In line with this sentiment, the index liquidity and momentum remained relatively solid.
Trading activities for the day recorded soared by 243.77%, as traders crossed 3.91billion units, while transaction value at N32.38bn was up 19.85%, with ACCESSCORP’s 66.12mn units topping the volume chart, while FIRSTHOLDCO led in value terms with N5.38bn worth of its shares changing hands.
Also, MACD sustained its bearish divergence signal.
NGXBNK: Banking Sector Index
The banking sector lost 0.46% and closed at 2,568.37 bps. During intraday trade, the index experienced a pullback. Simultaneously, investors bought into value as the index met support at 2,547.67 bps. In line with this performance, money flow declince, while market momentum remained strong. This performance suggests continuous profit-taking.
Top gainers: FIDELITY (+1.62%), ACCESSCORP (+0.71%), UBA (+0.43%), WEMABANK (+0.35%)
Top losers: FCMB (-2.33%), FIRSTHOLD (-1.41%), GTCO (-0.92%), ZENITH (-0.32%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index lost 1%, closing at 7,024.71 bps. During intraday trading, NGXCSMG pulled back as market participants took profits. Despite this strong bearish sentiment, the index remained above its moving average. This performance suggests a relatively strong market.
On the daily chart, the indicator readings suggest that liquidity and volume are low amid strong market momentum. Given that the index did not close below its moving average, NGXCSMG still has potential
Top gainers: HONEYFLOUR (+1.16%), ROYALEX (+0.83%)
Top losers: MTNN (-4.73%), DANGSUGAR (-4.11%), UCAP (-2.22%), NB (-2.10%)
NGXIND: Industrial Sector Index
The NGXIND closed at 10,501.63 without making any significant change in basis points. Despite this sentiment, the bullish volume closed strongly above its moving average. This performance signaled sustained investor interest. However, this bullish signal wasn’t strong enough to improve the money flow index. Also, MACD sustained its bullish divergence signal.
NGXOGSE: Oil and Gas Sector Index
The oil index experienced a fractional gain of 0.03% and closed at 5,237.70 bps. During intraday trading, the sector experienced continuous bearish momentum. Notably, the market’s liquidity remains solid while other indicators decline.
NGXINS: Insurance Sector Index
The insurance index gained 0.24% and closed at 1,144.06 bps. Given this performance, the index attempted to recover, as the bullish volume closed strongly above its moving average. However, liquidity and momentum remained low, aligning with the bearish trend. These mixed sentiments require further action to determine the sector’s outlook.
Top gainers: SOVRENI (+6.74%), REGALIN (+6.33%), NEM (+1.11%), SUNUASSUR (+0.61%), LINKASS (+0.57%)
Top losers: INTENEG (-6.32%), VERITASKAP (-3.03%), WAPIC (-2.22%), CORNERST (-0.96%), LASACO (-0.52%)
Market Analyst Insight
The overall market remains corrective as the indices such as banking and consumer goods remain resilient. Based on the overall market performance, one could posit that investors are buying into value by choosing high-cap stocks with good fundamentals. That’s the reason the market sustained its performance above the moving average.
