NGX ASI: Nigeria’s All-Share Index
The NGX ASI lost 2.13% to close at 248,877.22 basis points. During the week, the index attempted to recover by breaking above its major resistance level at 254,295 basis points. However, bears dominated the index as high-cap stocks saw profit-taking.
The index’s relative strength remains solid, portraying its resilience amid heavy selling pressure. Yet, the composite index’s liquidity remained low as MACD regained its bearish momentum. This performance suggests that the index remains within its corrective phase with upside potential in the long run.
NGXBNK: Banking Sector Index
The banking sector index lost 2.45% and closed at 2,369.84 basis points on the weekly chart. During the week, the market bears dominated the index and broke its support level at 2,413.91 bps. In line with this performance, the index’s bearish volume remained solid as MACD’s bearish momentum improved on the weekly chart. Although its liquidity and relative strength declined, these metrics remain strong, portraying market resilience.
NGXCSMG: Consumer Goods Sector Index
The consumer goods index lost 2.65% and closed at 6,930.23 basis points. During the week, the market bears dominated despite recovery attempts. In line with this performance, the index’s volume remained solid as MACD’s bearish momentum improved. Despite this bearish momentum, the index’s liquidity and relative strength remain solid, portraying sustained investor interest.
NGXIND: Industrial Sector Index
The industrial index lost 4.35% to close at 11,668.33 bps. During the week, the index experienced a strong decline, following massive profit-taking in Dangote Cement and Lafarge. Despite this sentiment, MACD’s bullish momentum remained strong, associated with solid liquidity and relative strength. This performance suggested sustained investor interest in the index amid a potential breakout.
NGXOGSE: Oil and Gas Sector Index
The oil and gas index lost 3.72% and closed at 5,859.28 bps. During the week, the index continued its bearish momentum and consolidated above its support level. This performance sustained the index’s low volume and liquidity. Additionally, MACD sustained its divergence signal, preparing for a trend reversal. Investors should watch for a sustained bearish market amid recovery.
NGXINS: Insurance Sector Index
The insurance index shed 0.03% and closed at 1,026.74 bps. During the week, the index broke its 52-week low record due to strong bearish pressure. In line with this performance, it met strong support at 989.22 bps, closing the week highly positive.
On the weekly chart, the index closed at the 1.618 Fibonacci level. Given this performance, investors should expect the index to commence recovery at this level. Thus, market participants should watch for improved liquidity and relative strength as selling pressure weakens.
