NGX ASI: Nigeria’s All-Share Index
The Nigerian Exchange All-Share Index (NGX ASI) lost 0.17%, closing at 238,682.92 basis points, tracing to its anticipated support level at 238.689.70 bps, after which it closed slightly below it. Given this sentiment, the index is testing the strength of its current support level.
In line with this performance, MACD sustained its bearish divergence signal. Also, the index’s liquidity remained flat as investors continued to buy into value. Investors should watch the strength of this support zone to determine the index’s outlook.
NGXBNK: Banking Sector Index
The banking sector index lost 0.41% and closed at 2,447.97 bps. During the intraday market, the index sustained its markup phase with small-sized candlesticks. This performance suggests bearish exhaustion as the index approach it support level at 2,413.91 bps
In line with this performance, the bearish volume closed moderately strong, aligning with the overall market phase. Also, MACD strengthened its bearish momentum, and RSI declined. However, the index liquidity tilted upward, signaling renewed investment amid the corrective phase.
Top gainers: FIRSTHOLD (+0.86%), FIDELITY (+0.53%), ACCESSCORP (+0.18%)
Top losers: FCMB (-3.06%), ZENITH (-2.13%), WEMABANK (-1.55%), UBA (-0.67%), GTCO (-0.08%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index closed at 6,730.52 bps. During intraday trading, the index sustained its markdown phase with small-sized candlesticks as it lost 0.11%. In line with this performance, the index’s bearish volume closed moderately strong. Also, the market’s strength and liquidity remained low, while MACD’s bearish momentum strengthened.
Top gainers: NEIMETH (+9.66%), NPFMCRF (+2.53%), DANGSUG (+1.47%)
Top losers: HONEYFLOUR (-3.79%), PZ (-2.47%), ROYALEX (-2.08%)
NGXIND: Industrial Sector Index
The industrial index closed at 10,378.92 basis points. Although the index did not make any significant change in points, volume closed bullish. This signals continuous reinvestment amid this corrective market. However, the index’s strength and liquidity remain extremely weak. Also, MACD commenced its bearish divergence signal. Thus, investors should anticipate a bullish rally.
Top gainer: CUTIX (+1.67%)
NGXOGSE: Oil and Gas Sector Index
The oil index lost 0.11% and closed at 4,954.75 bps. During intraday trading, the index closed below its moving average following its fractional loss. In line with this performance, the index’s strength, liquidity and volume remained relatively low.
NGXINS: Insurance Sector Index
The insurance sector lost 0.94% and closed at 1,070.51 bps. The index entered its support zone through 1,080 bps and retraced deeply, closing within the 1.0 Fibonacci level. In line with this performance, volume closed strongly above its moving average. Also, the index’s liquidity and strength declined. Notably, MACD’s bearish momentum remained flat, aligning with the 1.0 Fibonacci level and support zone.
Top gainers: NEM (+6.67%), REGALIN (+6.25%), LINKASS (+5.62%), MBENEFIT (+0.31%)
Top losers: INTENEG (-9.74%), VERITASKAP (-7.81%), MANSARD (-7.56%), SOVRENI (-5.59%), AIICO (-4.88%)
Market Analyst Insight
At this point, investors should watch the support levels for these benchmark indices. The sectors to watch include banking and insurance. The banking sector is close to a prominent support level. Also, insurance is at its support zone. These positions should encourage investors to buy into value in fundamentally strong stocks. Also, the market is showing signs of bargain hunting, as low-cap stocks dominate the top gainers chart.
