NGX ASI: Nigeria’s All-Share Index
The Nigerian Exchange’s All-Share Index (NGX ASI) gained 0.19%, closing at 254,762.81 basis points. The index surpassed its major resistance level at 254,295 basis points and attempted a full recovery. This performance improved the index’s relative strength and liquidity. Also, bullish volume closed strongly above its moving average, signalling renewed investor interest. Notably, MACD sustained its bullish divergence signal; thus, investors should watch for a pullback amid market recovery
NGXBNK: Banking Sector Index
The banking sector gained 0.72%, closing at 2,403.98 bps. This performance formed an evening star candlestick pattern, suggesting a potential trend reversal. In line with this performance, the index’s liquidity and relative strength improved. Also, its bullish volume closed strongly above its moving average, signalling renewed investor interest. However, the index closed near its resistance level, cautioning investors to watch for a breakout to confirm the index’s trajectory
Top gainers: GTCO (+5.13%), UBA (+2.68%), ZENITH (+2.65%), FIDELITY (+1.69%), WEMABANK (+1.25%)
Top losers: FIRSTHOLD (-4.65%), FCMB (-0.45%), ACCESSCORP (-0.19%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index gained 0.35% to close at 7,075.73 bps. The bullish volume closed strong above its moving average, suggesting renewed investor interest. Although MACD’s bearish momentum remains strong, the index’s liquidity and relative strength improved. Thus, investors should watch for continued bullish momentum to determine the index’s outlook.
Top gainers: ETRANZA (+9.68%), HONYFLOUR (+4.04%)
Top losers: NPFMCRF (-6.67%), NEIMETH (-2.24%), DANGSUGAR (-2.11%)
NGXIND: Industrial Sector Index
The industrial index closed at 12,606.99 basis points. During intraday trading, the index made no change in points. However, the index closed bearish as mild profit-taking prevailed. In line with this performance, MACD initiated its divergence signal, suggesting a trend reversal. However, the index’s liquidity and relative strength remained solid.
Top gainer: TRIPPLE (+0.42%)
Top loser: CUTIX (-0.44%)
NGXOGSE: Oil and Gas Sector Index
The oil and gas index shed 0.07% to close at 5,854.47 bps. The index’s support level at 5,841.86 bps sustained the index’s relative strength amid profit-taking. However, liquidity remained low as MACD improved its bearish momentum. Investors watch for a breakout to determine the index’s trajectory
Top loser: ETERNAO (-9.94%)
NGXINS: Insurance Sector Index
The insurance sector lost 0.54% and closed at 1,019.09 basis points. During intraday trading, the index consolidated sideways while testing its support level at 1,018.96 basis points. In line with this performance, the index’s bearish volume closed strongly above its moving average, signalling massive profit-taking. Also, its liquidity and relative strength declined. However, MACD sustained its divergence momentum, signalling a potential trend reversal.
Top gainers: INTENEG (+7.27%), AIICO (+4.71%), VERITASKAP (+4.30%), CONHALLPLC (+3.55%), LASACO (+2.94%)
Top losers: SOVRENI (-9.91%), CORNERS (-9.30%), MBENEFIT (-6.85%), PRESTIGE (-2.19%), WAPIC (-1.33%)
Market Analysis Insight
The NGX market remains resilient and healthy amid strong bearish momentum. Given this sentiment, the banking and consumer goods sectors serve as strong support for the composite index’s strong recovery phase. Aside from these sectors, the insurance sector is worth observing as its index trades near its 52-week low. A breakout at this level should determine the sector’s outlook in the long run.
