NGX ASI: Nigeria’s All-Share Index
Following Tuesday’s strong bearish volume, the NGX ASI lost 1.12% on Wednesday. During intraday trading, the index declined massively and closed at 243,967.10 basis points. This performance broke the index’s support level at 244,289.06 bps, suggesting a continuous bearish trend.
In line with this performance, the index’s liquidity and momentum declined. Also, volume closed strongly above its moving average as MACD’s bearish momentum strengthened. This bearish momentum offers investors another opportunity to buy into value
NGXBNK: Banking Sector Index
The banking sector continued its bearish momentum, losing 0.3%. During intraday trading, the index continued its markdown phase, trading below the moving average and closed at 2,560.67 bps. Despite the strong bearishness, the index closed above its moving average, reflecting market resilience
NGXBNK sustained its bearish volume as MACD’s bearish momentum strengthened. In line with this performance, money flow declined, closing below its threshold (50). Since the index remained above its moving average, RSI sustained solid momentum
Top gainers: ETI (+9.93%), WEMABANK (+1.58%)
Top losers: ACCESSCORP (-3.01%), FIDELITY (-2.27%), UBA (-2.15%), FCMB (-1.59%), ZENITH (-1.34%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index closed below its moving average after losing 0.59%. The index sustained its position below the ALMA during intraday trading. This performance strengthened the index markdown phase as it closed at 6,982.94 bps.
The bearish volume remained low, suggesting mild profit-taking as money flow declined drastically. The overall bullish momentum of the index remained strong despite MACD’s strong bearish signal. This decline offers investment opportunities
Top gainers: NPFMCRF (+3.57%), NESTLE (+1.82%), HONEYFLOUR (+1.43%)
Top losers: UNILEVER (-9.97%), NEIMETH (-6.40%)
NGXIND: Industrial Goods Index
The industrial index lost 0.42% and closed at 10,457.71 basis points. The index sustained its position below the moving average during intraday trade. Today’s bearish momentum closed strongly because investors took profit in high-cap stocks. The bearish volume closed moderately strong. Also, money flow and liquidity declined, aligning with MACD’s bullish divergence signal.
Top losers: HBMNG (-2.48%) and CUTIX (-2.00%)
NGXOGSE: Oil and Gas Sector Index
The oil index experienced a fractional gain of 0.02% and closed at 5,238.56 basis points. This performance reflects continuous discount investing as investors position in fundamentally strong stocks. The index liquidity remained strong, reading at 78, amid low momentum, volume, and bullish divergence signal
Top gainer: ETERNAO (+1.39%)
NGXINS: Insurance Sector Index
The insurance sector continued its bullish momentum with strong volume. The index gained 0.71% and closed at 1,152.13 bps. During intraday trading, investors bought into value and took profits, yet the market bulls dominated the market. In line with this performance, the index’s liquidity and RSI regained momentum as MACD commenced its bearish divergence signal.
Top gainers: INTENEG (+10%), CORNERST (+6.80%), VERITASKAP (+6.25%), LINKASS (+4.55%), SOVRENI (+4.21%)
Top losers: MBENEFIT (-3.66%), MANSARD (-2.29%), AIICO (-0.24%)
Market Analyst Insight
The overall market is going through its final corrective phase. During this phase should expect bargain hunting and discount investing. Sectors such as consumer goods showed a glimpse of bargain hunting as high-cap stocks sustain their decline. The insurance sector experienced a strong inflow of money but remains below its moving average. Thus, investors should watch for a breakout amid its corrective market.
