NGX ASI: Nigeria’s All-Share Index
The NGX ASI rose 0.01% to close at 247,707.12 basis points. This performance sustained the index’s recovery strength. In line with this performance, MACD initiated a divergence signal, signaling a potential trend reversal. Moving forward, investors should watch for improved liquidity to determine the index’s outlook.
NGXBNK: Banking Sector Index
The banking index rose 0.23% to close at 2,556.46 bps. The 1.0 Fibonacci level served as a strong support level, strengthening the index’s recovery phase. In line with this performance, volume sustained its bullish momentum. MACD also began showing divergence, hinting at a potential trend reversal. Notably, liquidity and momentum remain low; thus, investors should watch for an improvement.
Top gainers: ETI (+1.28%), FIRSTHOLD (+0.84%), FIDELITY (+0.50%)
Top losers: ACCESSCORP (-0.35%), GTCO (-0.23%), ZENITH (-0.08%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods sector lost 0.24% and closed at 7,257.45 bps. During intraday trading, the index attempted to recover. Although the NGXCSMG sustained solid bearish volume, MACD initiated its divergence signal. This performance suggests bearish exhaustion, preparing investors for a trend reversal. Investors should also watch the index’s liquidity and momentum to determine its outlook.
Top gainers: ROYALEX (+3.85%), AFRIPRUD (+1.85%)
Top losers: MTNN (-2.84%), NEIMETH (-1.27%), DANGSUGAR (-1.25%)
NGXIND: Industrial Sector Index
The industrial sector closed at 10,442.87 bps. The index made no significant change in points during intraday trading. However, the index closed positively with improved liquidity and solid momentum. Investors should watch MACD’s performance to determine the index’s outlook. Currently, MACD remains divergent, preparing market players for a trend reversals
NGXOGSE: Oil and Gas Sector Index
The oil and gas index rose 2.64% to close at 6,194.16 bps. This performance broke the index’s resistance level at 6,132.68 bps. It also strengthened the index’s recovery phase, closing above its moving average. In line with this performance, the NGXOGSE momentum improved as MACD’s bearish signal weakened. Although it declined, liquidity remained solid, closing above its threshold. Thus, investors should watch for continued bullish momentum.
NGXINS: Insurance Sector Index
The insurance index fell 0.21% to close at 1,080.09 bps. Despite the selling pressure, the index remained within its corrective triangle with solid liquidity. The bearish volume closed low, suggesting mild profit-taking. In line with this performance, MACD’s bearish signal strengthened while the index’s momentum remained neutral.
Top gainers: AIICO (+2.27%), VERITASKAP (+1.85%)
Top losers: WAPIC (-4.00%), MBENEFIT (-3.12%), CORNERS (-1.01%)
Market Analyst Insight
Given MACD’s performance across the NGX’s benchmark indices, the market initiated its recovery phase. However, investors and traders should watch money flow and RSI’s performance to determine the strength of the recovery phase. Currently, the market’s liquidity and momentum remain low due to the market’s bearishness. Thus, improved performance in this area signals a strong recovery.
