NGX ASI: Nigeria’s All-Shares Index
The Nigerian Exchange’s All-Share Index (NGX ASI) lost 0.46% closing on Monday at 239,085.17 basis points. During intraday trading, the index experienced a strong bearish gap and also consolidated near its support level at 238,689.70 bps. At this critical level, investors should watch for a brief bullish sentiment.
Due to the strong bearish sentiment, the index’s liquidity and momentum declined massively. This performance aligns with the continuous bearish sentiment. On the other hand, MACD commenced its bearish divergence signal as the index hovers around its support level.
NGXBNK: Banking Sector Index
The banking index lost 0.63%, continuing its markdown phase below the moving average. During intraday trading, the index had more losses than gains, hence influencing the strong bearish sentiment on the daily chart.
Closing at 2,458.04 bps, the bearish volume closed moderately strong. In line with this performance, MACD’s bearish momentum strengthened. Also, the index’s liquidity and momentum remained in a declining state. Investors should watch for the next strong support for portfolio repositioning.
Top gainers: ACCESSCORP (+1.85%), GTCO (+0.55%)
Top losers: FIDELITY (-6.00%), FIRSTHOLD (-1.58%), UBA (-1.44%), WEMABANK (-1.19%), FCMB (-0.43%)
NGXCSMG: Consumer Goods Sector Index
The strong bearish momentum continued in the consumer goods index, creating a gap and closing at 6,738.11 bps. During intraday trading, the index lost 0.88%, sustaining its markdown phase.
In line with this performance, bearish volume closed moderately strong, and MACD’s bearish momentum improved. This performance signals continuous bearish momentum. Liquidity and momentum declined, aligning with the index’s overall sentiment.
Top gainers: REDSTAR (+9.86%), AFRIPRUD (+2.65%)
Top losers: NEIMETH (-9.38%), NPFMCRF (-4.82%), HONEYFLOUR (-2.00%)
NGXIND: Industrial Sector Index
The industrial index closed at 10,378.83 bps. During intraday trading, the index did not make any significant change in points. However, investors continued buying into value.
NGXOGSE: Oil and Gas Sector Index
The oil and gas index closed at 4,960.19 basis points. During intraday trading, the index sustained its recovery strength above the moving average. However, the index remains below its moving average despite recovery attempts.
Notably, the index’s liquidity declined massively after sustaining a strong position above 50. This performance could be due to the sustained global crisis and oil prices. The index’s momentum and volume remained low, aligning with the overall market sentiment.
NGXINS: Insurance Sector Index
The insurance sector lost 0.53% and closed at 1,080.69 bps. During intraday trading, the index reached the proposed support level at 1080 bps and consolidated. This zone should serve as the final stage of this corrective phase and should also open investment opportunities.
The indicators on the daily chart align with this sentiment. MACD commenced its bearish divergence signal. Also, the index’s money flow regained momentum. The bearish volume remained solid amid strong momentum decline.
Top gainers: SUNUASSUR (+3.33%), REGALIN (+1.27%)
Top losers: INTENEG (-9.82%), WAPIC (-3.85%), PRESTIGE (-3.47%), LASACO (-1.55%), VERITASKAP (-1.54%)
Market Analyst Insight
The market remains strongly bearish. However, this period remains the best for investment as it is the final corrective phase. The insurance sector should be on investors’ watchlist as the sector is within its support zone. Other sectors are yet to reach their support level to help determine their outlook.
