NGX ASI: Nigeria’s All-Share Index
The NGXASI gained 0.12%, closing at 245,209.34 basis points above its moving average. This performance signifies market resilience amid strong bearish sentiment. The index liquidity and momentum are solid, as the index closed with a strong bullish momentum on the 60-min timeframe. However, MACD remained bearish, aligning with the overall corrective phase. Thus, proper risk management is imperative based on this mixed sentiment
NGXBNK: Banking Sector Index
The banking sector index gained 0.62% and closed at 2,547.40 basis points. During intraday trading, investors bought into value as the index closed bullish above its moving average. This performance sustained the index’s bullish recovery, preparing it for an impulsive fifth wave.
Given this performance, the index’s liquidity and momentum attempted to recover. However, MACD remained bearish, aligning with the index’s corrective phase. This could be a good time for investors to buy into value as other indicators remain bullish.
Top gainers: FCMB (+8.55%), WEMABANK (+6.23%), FIRSTHOLD (+2.19%), IBTC (+1.38%), and ZENITH (+0.81%)
Top losers: ETI (-9.99%), UBA (-2.03%), FIDELITY (-0.23%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index gained 0.51%, closing at 7,003.86 bps. During intraday trade, the index consolidated before closing bullish. This performance signifies sustained investor interest. The index’s liquidity and momentum remained strong amid low bullish volume. Also, MACD sustained its bearish signal, offering investors investment opportunities.
Top gainers: HONEYFLOUR (+7.98%), PZ (+7.02%)
Top losers: ROYALEX (-5.30%), NAHCO (-2.10%), NPFMCRF (-1.09%)
NGXIND: Industrial Sector Index
The NGXIND closed at 10,546.57 bps with a bearish indecisive candlestick pattern. This means the index didn’t make any significant change in basis points. Performance like this usually attracts a trend reversal.
Following this sentiment, the bearish volume closed fairly strong as MACD sustained its bullish divergence signal. However, the index’s liquidity increased, sustaining the market’s momentum. Investors should watch for the sentiment that will dominate during the reversal.
NGXOGSE: Oil and Gas Sector Index
On the daily chart, the oil and gas index experienced a fractional gain of 0.06%. During intraday trade, the index experienced strong bullish momentum and a pullback, closing at 5,242.99 bps.
In line with this performance, the index’s money flow remained strong, supporting its momentum and volume. Investors should watch for fundamentally strong stocks to determine entry positions.
Top gainer: ETERNAO (+10%)
NGXINS: Insurance Sector Index
The insurance index lost 0.93% and closed at 1,162.85 bps. During intraday trading, the index experienced strong bearish momentum and met support at 1,143.12 bps. The index closed with 100% buy sentiment on the lower timeframe, suggesting a continuous bullish surge. The bearish volume closed moderately strong, supporting the index’s liquidity and momentum decline. In that case, investors should watch for a continuous bearish market.
Top gainers: AIICO (+2.70%), MBENEFIT (+2.57%), SUNUASSUR (+0.92%), PRESTIGE (+0.71%)
Top losers: CONHALLPLC (-8.02%), SOVRENI (-7.78%), WAPIC (-5.62%), REGALIN (-4.71%), VERITASKAP (-2.99%)
Market Analyst Insight
The overall market remains resilient amid strong bearish momentum. The banking and consumer goods sectors remained above their moving averages, which suggests a continuous bullish rally. The insurance sector also sustains its recovery strength to maintain its long-term outlook. Investors should watch MACD’s performance as its momentum offers insight for informed investment.
