NGX ASI: Nigeria’s All-Share Index
The NGX All-Share Index fell 0.33% to close at 247,539.73 basis points on Friday. During the week, the index experienced strong bearish momentum. This performance led to lower liquidity and heavy bearish volume. Notably, MACD’s bearish momentum improved, suggesting continued bearish momentum. This performance makes next week’s performance critical to watch.
NGXBNK: Banking Sector Index
The banking sector index fell 3.15% and closed at 2,532.47 bps. During the week, the index experienced continuous bearish momentum. In line with this performance, MACD’s bearish momentum improved as volume remained solid. However, the index’s liquidity and momentum remained strong.
NGXCSMG: Consumer Goods Sector Index
The consumer goods index lost 2.39% and closed at 7,239.74 bps. During the week, the index’s markdown phase remained strong. In line with this performance, bearish volume remained solid, triggering a bearish MACD signal on the weekly chart. Yet, the index’s liquidity and momentum remained strong.
NGXIND: Industrial Sector Index
The industrial sector index closed at 10,442.95 bps. During the week, the index made no significant change in points. However, the market bulls dominated the market. MACD sustained its divergence signal, preparing investors for a trend reversal. In line with this performance, the index’s liquidity and momentum remained solid.
NGXOGSE: Oil and Gas Sector Index
The NGXOGSE rose 3.13% to close at 6,194 bps. The index regained its bullish momentum during the week to commence its recovery phase. In line with this performance, its liquidity and MACD’s momentum gradually recovered. RSI’s momentum also remained strong. Investors should watch for a breakout to determine the index’s outlook.
NGXIND: Insurance Sector Index
The insurance sector shed 0.14% and closed at 1,079.57 basis points. During the week, the index consolidated as profit-taking and discount investing prevailed. Despite the bearish sentiment, MACD sustained its bearish divergence signal, preparing investors for a trend reversal. Liquidity and momentum also remained moderate as they gradually improved.
Market Analyst Insight
Despite the bearish performance this week, the market displayed early recovery signals to end the week. Liquidity and momentum also remained solid, suggesting a strong and sustainable market. Yet, investors should carefully follow next week’s overall market performance because it will determine the market’s trajectory.
