NGX ASI: Nigeria’s All-Share Index
Despite the mixed sentiment that prevailed across sectors of the Nigerian Exchange, its benchmark NGX All-Share Index (ASI) remained resilient, gaining 1.21% by the time the curtail fell on Monday. This validated the strength of the index’s support level at 244.289.06 basis points. During intraday trading, the index experienced a strong bullish momentum, closing at 248,556.30 bps.
In line with this performance, money flow remained flat as momentum and volume increased. Also, MACD sustained its bearish divergence signal, suggesting a potential bullish rally.
NGXBNK: Banking Sector Index
The banking index started the week with profit-taking shedding 0.24% to close at 2,580.30 bps. During intraday trading, the index consolidated, attempting to break its resistance level at 2605.41 bps. In line with this performance, the index closed above its moving average, signalling market resilience. The bearish volume was low, indicating mild profit-taking. Also, MACD remained bearish with its divergence signal. Also, the index’s liquidity and momentum remained strong.
Top gainers: ACCESSCORP (+4.08%), UBA (+3.01%), GTCO (+1.56%), ZENITH (+0.71%), FIDELITY (+0.46%)
Top losers: ETI (-9.92%), FCMB (-0.39%), FIRSTHOLD (-2.34%), WEMABANK (-1.05%)
NGXCSMG: Consumer Goods Index
The consumer goods index experienced a fractional gain of 0.25%, closing at 7,096.02 bps. The index attempted to cross its 52-week high; however, it closed with a bullish doji candlestick pattern on the hourly chart. This performance suggests a trend reversal amid its distribution phase. The index closed with low bullish volume, yet liquidity and momentum remained strong. Also, MACD sustained its bearish divergence signal.
Top gainers: NAHCO (+9.29%), AFRIPRUD (+1.74%)
Top losers: NPFMCRF (-7.69%), HONEYFLOUR (-1.70%)
NGXIND: Industrial Sector Index
The industrial sector shed 0.05%, closing at 10,501.63 bps. This performance signals continuous bearish momentum. In line with this performance, the index’s liquidity and momentum declined, closing strong above their threshold. Also, MACD sustained its bullish divergence signal.
Top losers: CUTIX (-3.85%), HBMNG (-0.31%)
NGXOGSE: Oil and Gas Sector Index
The oil index shed 0.09% and closed at 5,236.16 bps. This performance suggests a continuous bearish momentum amid strong liquidity. Despite the bearish sentiment, money flow remained above 50, reflecting sustained investor interest.
Top loser: ETERNAO (-3.03%)
NGXINS: Insurance Sector Index
The insurance sector lost 1.64% and closed at 1,141.36 bps. This performance suggests a continuous bearish momentum. This final bearish momentum should complete the index’s complex corrective phase. During intraday trading, the index traded below its moving average, which strengthened the index’s markdown. In line with this performance, the index’s liquidity and momentum declined, while volume was moderately strong. Also, MACD’s bearish signal strengthened.
Top gainers: SOVRENI (+6.59%), PRESTIGE (+6.38%), INTENEG (+5.69%), CONHALLPLC (+0.29%)
Top losers: CORNERST (-7.96%), WAPIC (-4.26%), LASACO (-2.53%), AIICO (-2.38%), VERITASKAP (-1.49%)
Market Analyst Insight
Profit-taking prevailed today in the banking and consumer goods sectors. Also, the insurance sector should be experiencing its final markdown phase. Thus, investing at this level should yield a high return on investment.
