NGX ASI: Nigeria’s All-Share Index
The NGX All-Share Index shed 0.09% and closed at 247,513.62 bps, even as it remains in the Fibonacci critical zone, with 247,089 basis points acting as its support. Due to continuous bearish momentum, the index’s liquidity and momentum declined. This performance also strengthened MACD’s bearish signal. Investors should watch the index’s performance within its support zone to gauge the outlook.
NGXBNK: Banking Sector Index
The banking index lost 0.79% and closed at 2,547.15 bps. The sector started with strong bullish momentum and experienced strong resistance at 2,611 bps. In line with this performance, MACD’s bearish momentum improved, weakening the index’s liquidity and momentum. The NGXBNK closed within the 1.0 Fibonacci level, which acted as its support. Thus, investors should watch for a trend reversal
Top gainers: ETI (+5.22%), IBTC (+3.07%)
Top losers: WEMABANK (-2.58%), FIRSTHOLD (-2.25%), GTCO (-1.77%), ACCESSCORP (-0.88%), ZENITH (-0.78%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index fell 0.74% to close at 7,275.45 bps. During intraday trading, the index sustained its bearish momentum despite beginning with strong bullish momentum. In line with this performance, its liquidity and momentum declined drastically, strengthening MACD’s bearish momentum.
Top gainers: ETRANZA (+9.96%), WAPIC (+7.83%), IBTC (+3.07%), NEIMETH (+2.60%), NB (+1.88%)
Top loser: DANGSUGAR (-1.29%)
NGXIND: Industrial Sector Index
The industrial sector closed at 10,442.71 basis points. The index showed no significant price change during intraday trading. However, the index closed with bearish volume, suggesting profit-taking. Despite this sentiment, its liquidity and momentum remained strong.
NGXOGSE: Oil and Gas Sector Index
The oil and gas index rose 0.11% to close at 6,000.20 bps. This performance suggests sustained investor interest. The index maintained continuous bullish momentum during intraday trading. In line with this performance, its liquidity and momentum remained strong. Investors should watch MACD’s bearish performance to determine the sector’s outlook.
NGXINS: Insurance Sector Index
The insurance sector index lost 0.38% and closed at 1,078.46 bps. The index sustained its bearish momentum after breaking below its ascending triangle. Due to this performance, MACD initiated its bearish signal. Yet, the sector’s liquidity and momentum remained solid.
Top gainers: WAPIC (+7.83%), SOVRENI (+3.77%), PRESTIGE (+1.45%), CONHALLPLC (+1.43%), LASACO (+0.57%)
Top losers: MBENEFIT (-5.49%), AIICO (-4.39%), MANSARD (-1.35%)
Market Analyst Insight
The market performance remains mixed as profit-taking and selective investment take place. As always, a bearish market offers better investment opportunities in fundamentally sound stocks. The insurance and banking sectors remain top indices on the index watchlist. These sectors have potential for a strong upward rally in the long run.
