NGX ASI: Nigeria’s All-Share Index
The Nigerian Exchange’s All-Share Index (NGX ASI) gained a marginal 0.01% on Tuesday, closing at 254,289.34 basis points. This performance validates the market’s resilience amid strong bearish pressure. It also portrays the strength of the index’s resistance level at 254,295 basis points. Given this sentiment, the market awaits a strong trigger to recover fully and create a new 52-week high. The index’s liquidity and momentum remain solid; thus, investors should watch for a breakout while positioning in fundamentally strong stocks.
NGXBNK: Banking Sector Index
The banking index rose 0.03% to close at 2,386.80 bps. This performance suggested that investors bought into value as blue-chip banks declined. Despite the bullish momentum, the index’s liquidity and relative strength remained low while MACD’s bearish momentum strengthened.
Top gainers: ACCESSCORP (+1.89%), IBTC (+1.17%), ZENITH (+0.78%), FCMB (+0.45%), FIDELITY (+0.43%)
Top losers: ETI (-4.29%), UBA (-2.26%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index rose 0.04% and closed at 7,050.73 bps. This performance also suggests that investors bought into value in fundamentally strong stocks. Despite the bullish momentum, the index’s liquidity and relative strength remained low, while MACD’s bearish signal strengthened.
Top gainers: ROYALEX (+5.26%), ETRANZA (+4.38%)
Top losers: AFRIPRUD (-5.66%), UCAP (-1.49%), DANGSUG (-1.48%)
NGXIND: Industrial Sector Index
The industrial index closed at 12,607.01 basis points. During intraday trading, the index made no change in points. However, the index closed bullish with solid volume, liquidity, and relative strength. Investors should watch for a sharp pullback as the index remains within the Fibonacci critical zone.
NGXOGSE: Oil and Gas Sector Index
The oil and gas index rose 0.02% to close at 5,858.54 bps. Despite the bullish momentum, the index’s liquidity and relative strength remained low, while MACD’s bearish momentum strengthened. Investors should watch for improved momentum as the index remains within its support zone at 5,841.86 bps.
NGXINS: Insurance Sector Index
The insurance index fell 1.15% to close at 1,024.67 bps. This performance traded within the 52-week low zone. In line with this performance, the index’s liquidity and relative strength declined. Also, the bearish volume closed strongly above its moving average, suggesting massive profit-taking. However, MACD sustained its divergence signal. Thus, investors should watch for a breakout to determine the index outlook.
Top gainer: CORNERS (+4.88%)
Top losers: INTENEG (-6.25%), CONHALLPLC (-5.45%), AIICO (-5%), VERITASKAP (-3.13%), SUNUASSUR (-1.85%)
Market Analyst Insight
The market sustained its bearish momentum while investors bought into value. Thus, an ideal strategy should be to observe stocks’ performance based on their fundamentals and indices. The benchmark indices are in critical zones, signalling that investors should watch for a potential breakout.
