NGX ASI: Nigeria’s All-Share Index
The NGX ASI rose 0.26% to close at 245,911.12 bps. The index found support at the 0.382 Fibonacci level, driven by selective investment in high-cap stocks. The market also trades within its support zone. Investors should watch for improved volume, liquidity, and momentum as MACD sustained its divergence signal.
NGXBNK: Banking Sector Index
The banking sector index shed 0.15% and closed at 2,493.34 bps. Selling pressure was mild today as the index tested the strength of the 1.0 Fibonacci level as support. The index’s volume closed fairly strong while its liquidity and relative strength declined. Notably, MACD sustained its divergence signal, suggesting market recovery.
Top gainers: FCMB (+1.38%), WEMABANK (+0.67%)
Top losers: ACCESSCORP (-0.54%), GTCO (-0.41%), ZENITH (-0.40%), IBTC (-0.25%), FIDELITY (-0.24%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index rose 0.11% to close at 7,179.68 bps. The basic materials segment of this index contributed more to this bullish momentum, with Lafarge Africa leading the segment. This segment gained 1.68%, supported by the consumer non-cyclical segment, which gained 0.38%.
In line with this performance, MACD sustained its divergence signal, preparing investors for a trend reversal. The index’s liquidity and momentum improved; yet it closed low. Investors should watch for continued upward momentum.
Top gainers: ROYALEX (+6.93%), HBMNG (+6.76%), UNILEVER (+5.83%), NEIMETH (+3.70%)
Top losers: NPFMCRF (-5.75%), PZ (-1.55%), DANGSUGAR (-0.74%)
NGXIND: Industrial Sector Index
The industrial index gained 1.17% and closed at 10,258.95 bps. The NGXIND regained momentum within the 1.0 Fibonacci level, associated with strong bullish volume. This performance improved the index’s liquidity and momentum. However, MACD sustained its bearish momentum, as the index remains within its corrective zone.
Top gainers: CUTIX (+9.91%), HBMNG (+6.76%)
Top losers: CAP (-0.05%)
NGXOGSE: Oil and Gas Sector Index
The oil and gas index rose 0.01% to close at 6,190.61 bps. The index sustained its distribution phase as MACD signals a potential trend reversal with its divergence momentum. In line with this performance, the index’s relative strength remains strong, associated with decent liquidity and volume.
NGXINS: Insurance Sector Index
The insurance index fell 0.15% to close at 1,068.32 bps. The index remains within its corrective triangle despite strong profit-taking. This performance led to a strong decline in liquidity and momentum. The insurance sector still has potential for medium- and long-term investment.
Top gainers: LASACO (+8.57%), INTENEG (+3.96%), WAPIC (+3.00%), REGALIN (+2.63%), SOVRENI (+1.90%)
Top losers: MBENEFIT (-4.69%), AIICO (-3.06%), VERITASKAP (-0.92%)
Market Analyst Insight
The selling pressure reduced as investors indulged in selective positioning in fundamentally strong stocks. Investors should watch the banking, oil and gas, and industrial sectors for improved liquidity to determine the market’s overall outlook,
