NGX ASI: Nigeria’s All-Share Index
Nigeria’s All-Share Index (NGX ASI) shed 0.44% and 244,199.50 basis points. During the month, the index experienced strong bearish sentiment and attempted to recover. Given this performance, the bearish volume closed strongly above its moving average. Also, MACD sustained its bullish divergence signal.
However, liquidity and the overall market momentum remained strong as the index remains in Wave III of the grand cycle. Given this sentiment, investors should watch for continuous bullish momentum to determine the index’s recovery strength.
NGXBNK: Banking Sector Index
The banking sector index experienced a fractional gain of 3.82% on the monthly chart. During intra-month trading, the index pulled back, allowing investors to buy into value. Mid-month, the NGXBNK continued its bullish momentum and broke its 52-week high, closing at 2,624.05 basis points.
The bullish volume closed moderately strong on the monthly chart. In line with this performance, MACD’s bullish momentum regained its strength. Also, the index’s liquidity and overall momentum remain strong.
NGXCSMG: Consumer Goods Sector Index
The consumer goods index experienced a fractional gain of 3.47%. During the month, the index pulled back and regained its bullish momentum. This performance led to a 52-week high breakout and closed at 7,182.52 bps, confirming continuous bullish momentum. Currently, the index is within Wave III of the grand cycle on the monthly chart, trading in its fifth wave.
On the monthly chart, the bullish volume closed moderately strong. In line with this performance, MACD regained its bullish momentum. Also, the index’s liquidity and momentum remained strong
NGXIND: Industrial Sector Index
The industrial sector index shed 2.03% and closed at 10,311.46 bps. During the month, the index did not make any significant change in points. Given this performance, the index remained deep within its corrective fourth wave within the Wave III of the grand cycle.
The bearish volume remained moderately strong. In line with this performance, MACD sustained its bullish divergence signal. Despite this neutral sentiment, the index has potential for long-term investment. Also, the index’s liquidity and momentum remained strong
NGXOGSE: Oil and Gas Sector Index
The oil and gas index experienced a fractional gain of 0.25% and closed at 5,255.56 bps. During intra-month trading, the index consolidated and experienced strong bearish momentum. In the last two weeks, the NGXOGSE regained its bullish momentum, signalling market recovery.
In line with this performance, the bullish volume closed strong above its moving average. Also, the index’s liquidity and momentum remained strong. Since the index is within its fourth corrective wave, MACD sustained its bullish divergence signal. Thus, investors should watch for continuous bullish momentum
NGXINS: Insurance Sector Index
The insurance sector lost 9.26% and closed at 1,089.01 bps. The index experienced strong bearish momentum to complete its deep 3-3-5 flat correction. Given this sentiment, the index is expected to gradually recover.
Due to the bearish sentiment, the bearish volume closed moderately strong. Also, MACD sustained its bearish momentum. Yet, the index’s liquidity and momentum remained strong, offering long-term investment opportunities
Market Analyst Insight
Given the overall performance, investors should expect buy-in opportunities in September as high-cap stocks regain momentum. Sectors to watch for September include: banking, consumer goods, oil, and insurance. These sectors have potential for a strong bullish rally that could last until 2027
