NGX ASI: Nigeria’s All-Share Index
The Nigerian Exchange’s All-Share Index (NGX ASI) gained 0.20% and closed at 244,791.80 basis points at the midweek, sustaining its bullish momentum during intraday trading and broke its resistance level at 244,289.06 bps. This performance suggests that investors are buying into value despite the strong corrective market
In line with this performance, the bullish volume remained consistently solid. The index’s liquidity and momentum also remained strong, creating attractive investment opportunities. Notably, MACD’s divergence signal improved, suggesting that a trend reversal is on the horizon
NGXBNK: Banking Sector Index
The banking sector gained 0.20% and closed at 2,553.08 bps. During intraday trading, the index’s bullish momentum was weak. This performance often signals bullish exhaustion and sets up a brief bearish run.
On the daily chart, the NGXBNK’s volume closed strongly above its moving average, suggesting sustained investor interest. Also, MACD maintained its divergence signal, associated with strong liquidity and momentum.
Top gainers: FCMB (+1.83%), UBA (+1.70%), ACCESSCORP (+1.39%), ZENITH (+0.31%), FIDELITY (+0.25%)
Top losers: WEMABANK (-1.00%), IBTC (-0.92%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index gained 0.40% and closed at 7,238.79 bps. During intraday trading, the index sustained its strength above the moving average. This performance strengthened the index’s recovery. In line with this performance, the index’s volume, liquidity, and momentum remained strong. Also, MACD sustained its divergence signal, preparing investors for a trend reversal.
Top gainers: NB (+5.20%), NPFMCRF (+4.17%), AFRIPRUD (+3.81%), HONYFLOUR (+2.56%)
Top loser: ROYALEX (-9.00%)
NGXIND: Industrial Sector Index
On the daily chart, the NGXIND closed at 9,936.78 bps. During intraday trading, the index sustained its bullish momentum to strengthen its recovery phase. Although the index did not make any significant change in points, its volume closed bullish and moderately strong. Also, MACD sustained its divergence signal. Yet, other indicators such as liquidity and momentum remained low.
NGXOGSE: Oil and Gas Sector Index
The oil index shed 0.4% and closed at 6,033.07 bps. During the day, the index consolidated within Fibonacci’s critical zone. In line with this performance, the index’s volume closed moderately strong. This volume suggests that moderate profit-taking prevailed. However, the index’s liquidity and momentum remained strong. Investors should watch for MACD’s divergence performance
NGXINS: Insurance Sector Index
The insurance index gained 1.56% and closed at 1,068.05 bps. This performance initiated the index’s recovery phase. In line with this performance, the index’s liquidity, volume, and momentum improved. Also, the MACD divergence signal improved.
Top winners: SOVRENI (+9.69%), MBENEFIT (+8.93%), CONHALLPLC (+4.52%), VERITASKAP (+2.88%), WAPIC (+2.68%)
Top losers: INTENEG (-7.02%), REGALIN (-4.11%), NEM (-0.87%), LASACO (-0.58%)
Market Analyst Insight
The banking and consumer goods sectors remain resilient amid this corrective market. Also, the insurance stock commenced its recovery phase; however, investors should watch for continued bullishness to determine the sector’s outlook. Investors should also watch the industrial sector for potential bullish momentum as the index attempts to recover.
