NGX ASI: Nigeria’s All-Share Index
The NGX All-Share Index lost 0.36% and closed at 240,750.47 basis points. During intraday trading, the index strengthened its markdown phase, which led to strong bearish volume. In line with this strong bearish sentiment, the index’s liquidity and momentum weakened. Investors should watch 239,000 basis points as a potential support.
NGXBNK: Banking Sector Index
The banking index tried to regain momentum with a brief bullish move. The index gained 0.54% and closed at 2,503.67 bps. This bullish sentiment could be strong support for a potential index recovery. Thus, investors should watch for a continuous bullish run and a moving average breakout.
During intraday trading, the index experienced continuous bullish momentum and closed above its moving average. On the daily chart, volume closed moderately strong. Also, money flow regained momentum, and RSI’s momentum remained solid. However, MACD’s bearish momentum remained strong — a divergence should confirm a potential market reversal.
Top gainers: UBA (+2.22%), IBTC (+2.02%), ZENITH (+1.80%), FCMB (+1.69%), ACCESSCORP (+0.93%)
Top losers: ETI (-5.71%), FIRSTHOLD (-1.67%), WEMABANK (-1.20%), FIDELITY (-0.49%), GTCO (-0.16%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index gained 0.33% and closed at 6,851.82 bps. During intraday trading, the index sustained continuous bullish momentum and closed above its moving average. However, the index is in a critical resistance zone at 6,861.60 bps. Breaking out of this zone should confirm a strong market recovery.
The index volume closed moderately strong. Additionally, liquidity began to recover as momentum remained solid. However, MACD’s bearish signal remained strong. Thus, investors should watch for continuous bullish momentum on the daily chart.
Top gainers: DANGSUGAR (+1.23%), NPFMCRF (+2.47%)
Top losers: REDSTAR (-9.26%), ROYALEX (-8.62%), UCAP (-2.23%), NEM (-1.48%)
NGXIND: Industrial Sector Index
The industrial index closed at 10,378.61 bps. During intraday trading, the index did not make any significant move. However, volume closed strongly bullish. This performance reveals that investors are constantly buying into value. On the other hand, the index’s liquidity and momentum remain low as the MACD sustained its bearish momentum. Thus, waiting for strong bullish momentum to invest is ideal.
Top gainer: CUTIX (+0.43%)
NGXOGSE: Oil and Gas Index
The oil and gas index lost 4.63% and closed at 4,960.82 bps. This performance has been long anticipated as MACD sustained its bearish divergence signal. MACD commenced its bearish signal, and the index lost momentum. However, liquidity remained high following the current Dangote IPO. Thus, investors should watch for strong bullish momentum in the long-run.
NGXINS: Insurance Sector Index
The insurance index lost 0.88% and closed at 1,102.71 bps. During intraday trading, the index continued its bearish momentum and closed with strong bullish momentum. This performance signals continued discount investing as the index trades in its final corrective phase. Investors should watch 1,080 bps as a potential support level.
The index’s bearish volume remained strong. In line with this performance, liquidity and momentum declined drastically. Also, MACD sustained strong bearish momentum.
Top gainers: WAPIC (+8.44%), LINKASS (+0.58%), AIICO (+0.25%)
Top losers: INTENEG (-10%), SOVRENI (-7.41%), REGALIN (-5.88%), CORNERST (-3.85%), VERITASKAP (-2.94%)
Market Analyst Insight
The market is trying to recover as the banking and consumer goods sectors add volume to the market. However, the market remains corrective; thus, it should close above the moving average to confirm the market recovery strength.
