NGX ASI: Nigeria’s All-Share Index
The Nigerian Exchange’s All-Share Index (NGX ASI) gained 0.20% on Thursday, closing at 239,156.10 basis points. During the intraday trading, the benchmark index met support at 238.689.70 bps and closed above its moving average. This performance formed a bullish engulfing candlestick pattern. Thus, investors should watch for continuous bullish momentum.
Given this sentiment, the composite’s liquidity, momentum, and volume remained low. Yet, MACD sustained its bearish divergence signal, preparing investors for a potential markup phase.
NGXBNK: Banking Sector Index
The banking sector index closed at 2,486.66 bps. Following Wednesday’s bearish exhaustion, the index met good support within the 0.382 Fibonacci level and gained 1.58%. This performance suggests that the index is recovering and investors should prepare for a bullish rally.
The index’s bullish volume closed moderately strong. In line with this performance, the market’s momentum increased, while liquidity remained flat. Notably, MACD commenced its bearish divergence signal.
Top gainers: FIRSTHOLD (+4.65%), ACCESSCORP (+4.36%), UBA (+3.74%), GTCO (+0.31%), FIDELITY (+0.26%)
Top losers: WEMABANK (-1.75%), FCMB (-0.90%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index closed at 6,812.14 bps. During intraday trading, the index experienced a strong bullish rally and gained 1.21%. This performance also suggests that the index is recovering.
Given this sentiment, the bullish volume closed moderately strong. Also, the index’s liquidity and momentum strengthened, while MACD commenced its bearish divergence signal.
Top gainers: Blue-chip banks and insurance companies, HONEYWELL (0.30%)
Top losers: ROYALEX (-6.38%), NEIMETH (-4.40%), AFRIPRUD (-4.31%)
NGXIND: Industrial Sector Index
The industrial index closed at 10,378.90 basis points. During intraday trading, the index did not make any significant move. However, volume closed bearish. Despite this sentiment. The index’s liquidity regained its momentum, while RSI remained flat. Notably, MACD commenced its bearish divergence signal, preparing investors for an upcoming bullish rally.
Top loser: CUTIX (-0.41%)
NGXOGSE: Oil and Gas Sector Index
The oil index shed 0.07% and closed at 4,951.06 bps. During intraday trade, the index consolidated, reflecting that investors are buying into value. In line with this performance, the index’s volume, momentum, and liquidity remained low. Notably, MACD commenced its bearish divergence signal. Thus, investors should watch for a strong bullish sentiment on the lower timeframe
Top loser: ETERNAO (-0.97%)
NGXINS: Insurance Sector Index
The insurance sector index closed at 1,070.79 bps with a doji candlestick pattern. This pattern signifies a trend reversal is near. During intraday trading, the index started bearish and closed bullish within its support zone. Given this performance, the index experienced a fractional gain of 0.03%. Due to low bullish sentiment, the index’s liquidity and momentum remained low. Also, volume closed fairly strong as MACD commenced its bearish divergence signal.
Top gainers: CORNERST (+9.18%), MANSARD (+9.09%), CONHALLPLC (+1.60%), SOVRENI (+1.18%), MBENEFIT (+0.31%)
Top losers: INTENEG (-9.84%), NEM (-7.19%), REGALIN (-7.06%), SUNUASSUR (-6.89%), LINKASS (-4.26%)
Market Analyst Insight
MACD was the focal point in today’s indices performance. As anticipated, the banking and insurance sectors sustained their position within critical Fibonacci levels. Now, investors should watch for continuous bullish momentum to determine the market recovery’s strength
