NGX ASI: Nigeria’s All-Share Index
The Nigerian Exchange All-Share Index (NGX ASI) gained 0.77% to open the month of September on a positive note, closing at 246,082.62 basis points. During intraday trading, the index experienced strong bullish sentiment that broke its resistance level at 244,289.06 bps. This performance strengthened the index’s recovery phase, as the sectoral indices’ performance attracted investment opportunities
Due to the strong bullish sentiment, liquidity improved, and volume closed moderately strong. Also, MACD has initiated a bullish signal, aligning with the strong market performance.
NGXBNK: Banking Sector Index
The banking sector index gained 0.87% and closed at 2,646.98 bps. During intraday trading, the index opened with strong bullish momentum, pulled back, then regained momentum. This performance surpassed its previous 52-week high, suggesting a continuous bullish rally.
The indicator readings align with the strong bullish sentiment. MACD commenced its bullish signal as volume closed strongly above its moving average. In line with this performance, the index’s liquidity improved.
Top gainers: FIDELITY (+2.50%), WEMABANK (+2.24%), ACCESSCORP (+1.25%), FIRSTHOLD (+1.17%), UBA (+1.06%)
Top loser: FCMB (-0.43%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index gained 0.84% and closed at 7,242.68 bps. During intraday trading, the index went long, consolidated, and regained its bullish momentum. In line with this performance, volume closed strongly above its moving average, suggesting continuous bullish momentum. In line with this sentiment, MACD generated a bullish signal amid strong bullish momentum. Also, the index’s liquidity is gradually recovering.
Top gainers: NESTLE (+5.83%), ROYALEX (+4.17%)
Top losers: NAHCO (-9.22%), UNILEVER (-3.51%), REDSTAR (-1.24%)
NGXIND: Industrial Sector Index
The NGXIND gained 0.71% and closed at 10,385.06 bps. The index maintained bullish momentum during intraday trading. This performance propelled the index above its moving average, accompanied by strong volume. In line with this performance, the index’s liquidity and momentum improved, while MACD remained neutral. Investors should watch for continuous bullish momentum.
Top gainer: HBMNG (+4.48%)
Top loser: TRIPPLE (-9.72%)
NGXOGSE: Oil and Gas Sector Index
The oil and gas index continued its bullish momentum, strengthening its recovery phase. It gained 3.87% and closed at 5,458.84 bps. During intraday trading, the index experienced strong bullish sentiment. In line with this performance, liquidity and momentum improved, with both closing above their thresholds. Also, MACD’s bullish momentum strengthened.
NGXINS: Insurance Sector Index
The insurance sector gained 3.34% and closed at 1,125.41 bps. After closing August with the morning star candlestick pattern, the index commenced its recovery phase with strong bullish momentum and closed above its moving average.
In line with this performance, the bullish volume closed moderately strong. Also, MACD has initiated a bullish signal, aligning with overall market sentiment. Finally, the index’s liquidity and momentum improved, attracting investment opportunities.
Top gainers: SUNUASSUR (+9.94%), SOVRENI (+9.57%), CONHALLPLC (+8.15%), LINKASS (+6.56%)
Top losers: VERITASKAP (-0.87%), PRESTIGE (-0.71%), INTENEG (-0.35%)
Market Analyst Insight
The overall market closed strongly positive. Investors should find high-cap stocks with good fundamentals and invest at pullbacks.
