NGX ASI: Nigeria’s All-Share Index
The NGX ASI shed 0.03% and closed at 246,019.81 basis points at the midweek. After breaking its resistance level on Tuesday, the index pulled back. This performance suggests profit-taking. Amid this bearish sentiment, the index’s momentum, liquidity, and MACD’s bullish momentum improved. Investors should expect brief bearish momentum and take profit where necessary.
NGXBNK: Banking Sector Index
The banking sector index lost 0.59% and closed at 2,631.46 bps. During intraday trading, the index opened with strong bullish momentum, pulled back, and regained momentum. This performance formed a double top chart pattern. Thus, investors should expect a brief consolidation before the bullish rally continues.
This bearish performance signals profit-taking across top banking companies. Thus, the bearish volume closed moderately strong, while liquidity remained flat. Yet, MACD’s bullish momentum improves, aligning with the overall index strength.
Top gainers: FIRSTHOLD (+2.18%), FCMB (+0.43%)
Top losers: ACCESSCORP (-5.23%), UBA (-2.82%), FIDELITY (-2.44%), IBTC (-2.04%), ZENITH (-0.94%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index lost 0.29% and closed at 7,221.63 bps due to profit-taking. During intraday trading, the index opened with strong bullish momentum, pulled back, and attempted to recover. This performance also formed a double-top chart pattern, preparing investors for a brief consolidation before the next bullish run.
In line with this sentiment, the bearish volume closed moderately strong, indicating that massive profit-taking prevailed in the market. Also, momentum and liquidity remained flat. However, MACD sustained its bullish momentum as the market remained above its moving average.
Top gainers: PZ (+2.47%), blue-chip banks, and insurance companies
Top losers: NEIMETH (-5.06%), REDSTAR (-2.82%)
NGXIND: Industrial Sector Index
The industrial index gained 0.23% and closed at 10,409.31 bps. The index continued its recovery phase with better volume, momentum, and liquidity. In line with this performance, MACD initiated a bullish signal, aligning with the overall market sentiment.
Top gainers: TRIPPLE (+10.00%), CUTIX (+2.08%), HBMNG (+2.00%)
Top loser: BETAGLAS (-9.99%)
NGXOGSE: Oil and Gas Sector Index
The oil and gas index gained 0.26% and closed at 5,473.07 bps. During intraday trading, the index consolidated sideways and continued its bullish momentum. In line with this performance, volume closed strongly above its moving average. Also, the index’s liquidity and momentum improved alongside MACD’s bullish momentum.
NGXINS: Insurance Sector Index
The insurance sector index gained 2.72% and closed at 1,156.03 bps. During intraday trading, the index experienced strong bullish momentum. In line with this sentiment, the bullish volume remained solid, strengthening MACD’s bullish momentum. Also, the overall index momentum improved. Notably, money flow declined despite the strong sentiment. Investors should watch for regained index liquidity.
Top gainers: SOVRENI (+9.71%), NEM (+7.99%), WAPIC (+3.91%), CORNERS (+3.81%), INTENEG (+3.56%)
Top losers: SUNUASSUR (-5.83%), REGALIN (-2.33%)
Market Analyst Insight
The market experienced strong profit-taking, especially in the banking and consumer goods sectors. Amid profit-taking, the industrial and oil sectors are recovering well with good momentum. Thus, this sentiment makes these bullish sectors worth watching. Finally, the insurance sector is approaching a critical resistance zone; therefore, investors should prepare for bearish momentum.
