NGX ASI: Nigeria’s All-Share Index
The Nigerian Exchange’s composite All-Share Index, on Thursday lost 0.23% and closed at 243,416.60 basis points. During intraday trading, the index continued its bearish momentum, retracing deep below its resistance level at 244,289.06 bps. In line with this performance, the index’s liquidity and momentum declined. Also, MACD’s bearish momentum strengthened. Investors should use this opportunity to buy into value.
NGXBNK: Banking Sector Index
The banking index lost 0.27% and closed at 2,553.87 bps. The index started the day with strong bearish sentiment and met support at 2,538.16 basis points. This support became a bearish hammer candlestick pattern, signalling that buyers rejected the basis points at the support level. Thus, investors should expect a trend reversal.
Although MACD’s bearish signal strengthened, bearish volume remained low. The performance signals mild profit-taking. In line with this performance, liquidity remained low while momentum remained solid, reflecting the index’s resilience
Top gainers: ETI (+3.64%), WEMABANK (+2.94%), FIDELITY (+2.33%), UBA (+1.21%)
Top losers: ACCESSCORP (-3.28%), FCMB (-3.23%), ZENITH (-2.24%), GTCO (-0.39%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index lost 0.35% and closed at 6,958.63 bps. On the lower timeframe, the index sustained its bearish momentum below its moving average. This performance strengthened MACD’s bearish momentum and weakened the money flow index. The index’s volume remained low as RSI’s momentum remained solid. Investors should watch for a potential support level at 6,952.26 basis points.
Top gainer: NEIMETH (+6.21%)
Top losers: UNILEVER (-9.97%), NPFMCRF (-8.05%), HONEYFLOUR (-7.89%)
NGXIND: Industrial Sector Index
The NGXIND closed at 10,457.71 points. During intraday trading, the index did not make any significant move. On the daily chart, the index closed with a fairly strong bullish volume. However, the index liquidity and momentum remained low. Also, MACD sustained its bullish divergence signal. Investors should watch for a continuous bearish trend
Top loser: HBMNG (-4.57%)
NGXOGSE: Oil and Gas Sector Index
The oil index shed 0.07% and closed at 5,234.92 bps. On the lower timeframe, the index continued consolidating as investors bought into value. Despite the bullish attempt, the market bears dominated at the end of the market. Amid this performance, the index liquidity remained strong, closing at 78.5. Investors should add this sector to their watchlist as a potential upside is on the horizon.
Top loser: ETERNAO (-1.37%)
NGXINS: Insurance Sector Index
The insurance sector index lost 0.55% after a strong bullish volume on Wednesday. This performance signals profit-taking. The index commenced with strong bearish sentiment and closed bullish at 1,145.85 bps.
The bearish volume closed moderately strong, signalling strong profit-taking. In line with this performance, the index’s liquidity and momentum declined, while MACD’s bearish momentum remained flat.
Top gainers: INTENEG (+10%), SUNUASSUR (+8.48%), NEM (+6.25%), LASACO (+0.51%), CONHALLPLC (+0.29%)
Top losers: CORNERST (-9.09%), REGALIN (-4.76%), VERITASKAP (-4.41%), SOVRENI (-4.04%), WAPIC (-3.64%)
Market Analyst Insight
The market is experiencing strong profit-taking and discount investing. Also, investors are positioning in high-cap and fundamentally strong stocks with potential bullishness. These decisions are based on the financial reports of these companies. Thus, it’s vital to analyze these results and choose resilient sectors such as banking and consumer goods for investment
