Nigeria’s All-Share Daily Performance For 1st June 2026
The Nigerian All-Share Index (NGXASI) lost 1.12%, closing at 247,571.12 basis points below its moving average on the first trading day in the month of June after a strong markup phase. The composite NGX All-Share Index closed strongly below its moving average for the first time since November 2025. Amid this bearish sentiment, some sectors offer investment opportunities, which this report will explore
The bearish volume of the NGXASI closed strongly above its moving average, aligning with the overall market sentiment. Also, the market lost liquidity and momentum as the MACD’s bearish signal strengthened. Which sector offers investment opportunities?
Key Sectoral Index Performance
NGXBNK: Banking Sector Index
The banking sector index commenced June with a strong bearish sentiment. The index lost 1.49%, closing at 2,323.11 bps. This performance strengthened the NGXBNK’s markdown phase. Using the Fibonnaci retracement, this markup phase should be supported at 2,261.72 bps for another distribution phase. Notable contributors included FIDELITY (-4.48%), FIRSTHOLD (-4.29%), ZENITH (-1.72%), FCMB (-1.71%), and WEMABANK (-1.49%).
Following the index’s sentiment, the bearish volume was fairly strong due to low market liquidity. Also, MACD’s bearish momentum strengthened, while RSI’s momentum reflects a strong divergence. Given this index action, it’s evident that portfolio rebalancing remained prevalent in the market.
NGXCSMG: Consumer Goods Sector Index
The consumer good index lost 0.99%, closing at 6,503.22 bps. The NGXCSMG closed strongly below its moving average, breaking its support level at 6,559.87 bps. Given this performance, the index’s next support level should be 6,312.52 bps. The sector continues to benefit from selective bargain hunting as investors rebalance their portfolios. Notable contributors included blue-chip banks, REDSTAR (9.71%), and AFRIPRUD (-2.62%).
Following the index’s sentiment, the bearish volume closed moderately strong, as market liquidity weakens. Also, MACD’s bearish signal gained momentum, weakening RSI’s momentum. This performance indicates that the sector is weak amid selective bargain hunting.
NGXIND: Industrial Sector Index
The industrial index lost 3.86%, closing at 11,773.61 bps. This performance continues the index’s markdown phase after a brief distribution phase. Apply the Fibbonaci retracement, the index is in its support zone, offering investment opportunities. Since the index closed below its moving average, waiting for further index action would be an ideal investment strategy. Notable contributors included BUACEMENT (-10%) and CUTIX (-3.23%).
The bearish volume closed strongly above its moving average. In line with this performance, market liquidity and momentum declined drastically. Also, MACD’s bearish momentum strengthened. This market performance continues to validate the prevalence of portfolio rebalancing
NGXOGSE: Oil and Gas Sector Index
The NGXOGSE lost 0.23%, closing at 5,965.99 bps. After ending May with a strong bullish engulfing candlestick, the oil index commenced another distribution phase above its moving average. This performance persists with the index’s first recovery phase.
Although the index’s volume is low, other indicators signaled a continuous market recovery. The index’s momentum remained solid as the index closed above its moving average. Following this sentiment, MACD’s bearish signal lost momentum, indicating divergence. However, the money flow remains low, which means investors bought into value with a long-term outlook.
NGXINS: Insurance Sector Index
The insurance sector closed May with a bullish engulfing candlestick, reflecting the sustained investors’ confidence. Given this performance, the NGXINS starts June with a bullish sentiment, gaining 0.79% above its moving average. The index closed at 1,273 bps with notable contributors such as INTENEG (+9.96%), CONHALLPLC (+9.92%), SOVRENI (+6.91%), AIICO (+2.22%), and SUNUASSUR (+1.82%).
On the daily chart, the index’s bullish volume was fairly strong as the insurance sector sustained its bullish strength. In line with this sentiment, the market liquidity and momentum remained strong, as MACD’s bullish signal regained its strength.
Final Thought
The insurance sector continues to thrive while other sectors consolidate. Also, selective bargain hunting and heavy portfolio rebalancing remained prevalent in the market, while investors bought into value.
