NGX ASI: Nigeria’s All-Share Index
The Nigerian Exchange’s All-Share Index (NGX ASI) shed 0.07% ,closing at 244,956.94 basis points on Thursday, sustaining the index’s bearish momentum. However, MACD continued its divergence, suggesting a trend reversal. While the index’s liquidity and relative strength remain low, investors should watch for potential strong support at 244,289 basis points.
NGXBNK: Banking Sector Index
The banking index fell 0.16% to close at 2,452.40 bps. During intraday trading, the index saw light selling pressure as it approached its first support level at 2,423.91 bps. In line with this performance, MACD sustained its divergence signal, while the index’s liquidity gradually recovered.
Top gainers: ACCESSCORP (+2.49%), FCMB (+0.46%)
Top losers: WEMABANK (-2.67%), ZENITH (-0.41%), GTCO (-0.33%), UBA (-0.24%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index shed 0.01% and closed at 7,103.25 bps. The NGXCSMG experienced low selling pressure as it approached its support level. In line with this performance, the index’s liquidity gradually improved as MACD sustained its divergence momentum. The consumer non-cyclicals segment of this index, led by PZ, helped suppress the selling pressure after gaining 0.30%.
Top gainer: PZ (+8.58%)
Top loser: ROYALEX (-1.00%)
NGXIND: Industrial Sector Index
The industrial index rose 0.10% and closed at 10,269.22 bps. This performance improved the index’s liquidity and momentum. MACD also initiated its divergence signal, preparing investors for a trend reversal.
Top gainers: CUTIX (+1.76%), DANGCEMENT (+0.20%)
NGXOGSE: Oil and Gas Sector Index
The oil and gas index fell 0.11% to close at 6,191.20 bps. The index experienced strong bearish volume, suggesting heavy profit-taking. This performance reduced the index’s liquidity. However, the index’s relative strength remained strong while MACD sustained its divergence signal. This sentiment suggests a possible trend reversal as the index consolidates.
NGXINS: Insurance Sector Index
The insurance index lost 0.54%, closing at 1,047.65 bps. During intraday trading, the index experienced strong bullish momentum, yet it sharply declined. This performance suggested that market participants rejected the 1,071 basis point level. In line with this performance, the index’s liquidity and momentum declined. MACD’s bearish momentum also improved.
Top gainers: INTENEG (+5.42%), CONHALLPLC (+2.92%), WAPIC (+1.69%), AIICO (+0.26%)
Top losers: CORNERS (-6.12%), VERITASKAP (-5.26%), LASACO (-2.70%), SOVRENI (-0.49%)
Market Analysis Insight
The selling pressure reduced as benchmark indices approached their support levels. Investors can use this opportunity to position themselves in good stocks with improved trading volume and liquidity.
