NGX ASI closed the week up 2.36%, at 246,992.44 bps. This performance suggests continuous bullish momentum as volume remained strong. During the week, the index sustained its bullish momentum, approaching 250,000 bps. In line with this performance, the index’s liquidity and momentum improved. Also, MACD sustained its bearish divergence signal, preparing investors for a continuous bullish run.
NGXBNK: Banking Sector Index
On the weekly chart, the banking sector index gained 3.58% and closed at 2,636.10 bps. During the week, the index reached a new 52-week high, strengthening its markup phase. Currently, the index is within wave 5 of the intermediate cycle. Thus, investors should expect continuous bullish momentum. In line with this sentiment, volume, liquidity, and momentum improved, attracting investment opportunities
NGXCSMG: Consumer Goods Sector Index
The consumer goods index gained 4.47% and closed at 7,313.57 bps. During the week, the index experienced pullbacks and strong bullish momentum. In line with this sentiment, volume, liquidity, and momentum improved, attracting investment opportunities.
NGXIND: Industrial Sector Index
The industrial index remains within the 0.382 Fibonacci level and closed at 10,342.50 bps. After experiencing brief bullish momentum, the index retraced and shed 0.35% on the weekly chart.
In line with this performance, the index’s bearish volume closed strongly above its moving average. Also, money flow declined, signalling massive profit-taking. Despite this strong bearish sentiment, MACD sustained its bearish divergence signal. Investors should watch for continued bullishness in the sector.
NGXOGSE: Oil and Gas Sector Index
The oil index gained 9.10% and closed at 5,657.27 bps. The index experienced strong bullish momentum during the week and closed within the 0.382 Fibonacci level. This level puts the index in a critical zone. Thus, investors should watch for a pullback amid the index’s recovery phase.
In line with this performance, the index’s volume, momentum, and liquidity improved, while MACD sustained its bearish divergence signal. This performance suggests renewed investor interest in the sector.
NGXINS: Insurance Sector Index
The insurance index gained 3.85% on the weekly chart, signalling a new recovery phase. During the week, the index experienced strong bullish momentum and pulled back to close at 1,121.08 bps. Given this performance, the index’s volume, liquidity, and momentum improved, suggesting a strong recovery phase.
Market Analyst Insight
The market commenced September on a highly positive note due to renewed investor confidence. Sectors to watch next week include banking, insurance, and oil. These sectors are in critical zones and requires continuous bullish momentum to determine their outlook.
