NGX ASI: Nigeria’s All-Share Index
The NGX ASI lost 0.35% on Tuesday, closing at 241,613.48 basis points. In line with this performance, volume and MACD’s bearish momentum remained solid. Also, the overall market liquidity and momentum declined drastically.
NGXBNK: Banking Sector Index
The banking index lost 1.82% and closed at 2,490.17 bps. This performance signals persistent bearish sentiment, with profit-taking dominating the market. During intraday trading, the index experienced a strong bearish performance and closed deep below its moving average
The index’s volume remained low while MACD’s bearish momentum strengthened. In line with this performance, liquidity and momentum declined drastically. Thus, investors should watch 2,480 bps and 2,413.91 bps as potential strong support levels.
Top gainers: WEMABANK (+1.04%), ACCESSCORP (+0.37%)
Top losers: FIDELITY (-6.59%), FIRSTHOLD (-5.71%), FCMB (-1.67%), GTCO (-0.39%), UBA (-0.33%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index lost 1.40% and closed at 6,829.59 bps. During intraday trading, the index’s performance was strongly bearish, and it broke a key support zone at 6,861.60 bps. In line with this performance, volume and liquidity closed low as MACD’s bearish momentum strengthened. This performance indicates a sustained bearish trend. Also, investors should expect support at 6,800 bps.
Top gainers: NB (+1.47%), HONEYFLOUR (+0.58%)
Top loser: REDSTAR (-10%)
NGXIND: Industrial Sector Index
The NGXIND closed at 10,378.59, sustaining its bearish momentum. During intraday trading, the index did not make any significant move. Thus, liquidity and momentum remained low, with the MACD’s bearish signal and volume closing strongly.
Top gainer: CUTIX (+1.75%)
Top loser: DNMEYER (-9.88%)
NGXOGSE: Oil and Gas Sector Index
The oil index shed 0.01% and closed at 5,201.49 basis points. The index did not make any significant move during intraday trade. However, money flow remained high which could be due to the upcoming Dangote refinery IPO. Investors are positioning in this sector to benefit massively.
NGXINS: Insurance Sector Index
The insurance sector index experienced a subdued gain of 0.04%. Yet it closed at 1,112.50 bps below its moving average. The index remains within wave (v) of the minuette degree on the lower timeframe. In line with this decline, liquidity, momentum, and volume remained low. Thus, investors should expect strong support at 1,080 basis points.
Top gainers: VERITASKAP (+7.09%), REGALIN (+3.66%), WAPIC (+2.27%), INTENEG (+1.92%), LASACO (+1.53%)
Top losers: SUNUASSUR (-6.63%), CORNERS (-3.70%), LINKASS (-0.58%)
Market Analyst Insight
The Nigerian Exchange is in its final corrective phase. During this phase, investors indulge in selective sector investment by buying into value. To participate in this phase, investors should watch for strong support levels to determine good entry points
