NGX ASI: Nigeria All-Share Index
The Nigerian Exchange’s All-Share index (NGX ASI), on Tuesday closed 0.06% down at 252,313.16 basis points. Despite the strong bearish volume, the index’s liquidity improved, while its relative strength remained solid. This performance portrays the market’s resilience and sustained investor interest. MACD sustained its momentum as the index remained in its corrective phase. Thus, investors should watch for a MACD bearish divergence signal.
NGXBNK: Banking Sector Index
The banking index lost 0.67% to close at 2,359.68 basis points. The bearish volume was low, reflecting weak selling pressure. The index’s liquidity also improved as MACD sustained its divergence signal. Given this performance, investors should watch for improved relative strength and volume while positioning in fundamentally strong stocks.
Top gainers: GTCO (+0.33%), ACCESSCORP (+0.18%)
Top losers: FIRSTHOLD (-1.83%), IBTC (-1.54%), ZENITH (-0.85%), FIDELITY (-0.60%), WEMABANK (-0.31%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index fell 0.39% to close at 6,947.36 bps. Despite the strong bearish volume, the index remained above its support level at 6,861.60 bps. Additionally, MACD sustained its bearish divergence signal, preparing for a trend reversal. Investors should watch for improved liquidity and relative strength to determine the index’s outlook.
Top gainers: HONYFLOUR (+9.90%), AFRIPRUD (+6.97%), NEIMETH (+6.11%), NPFMCRF (+2.27%)
Top losers: NAHCO (-9.99%), REDSTAR (-9.85%)
NGXIND: Industrial Sector Index
The industrial index rose 0.04% and closed at 12,336.97 bps. The index sustained its bullish volume, attempting to break the resistance level at 12,415.64 bps. In line with this performance, the index sustained its strong liquidity and relative strength. However, investors should watch MACD’s divergence performance as the index prepares for a trend reversal.
Top gainers: CUTIX (+0.90%), HBMNG (+0.35%)
NGXOGSE: Oil and Gas Sector Index
The oil and gas index gained 0.09% to close at 5,877.44 bps. During intraday trading, the index sustained its position above the 14-day moving average, suggesting sustained investor interest. Due to low bullish momentum, the index’s liquidity stayed flat as its relative strength gradually improved. Notably, MACD sustained its bearish divergence signal, aligning with this index’s sentiment.
NGXINS: Insurance Sector Index
The insurance index gained 1.33% and closed at 1,053.71 bps. During intraday trading, the index created a gap and continued its bullish momentum. A gap in an uptrend usually signals a strong markup phase and increased investor interest. In line with this performance, MACD launched its bullish momentum as the index’s relative strength and liquidity gradually improved. Investors should watch for strong liquidity and relative strength.
Top gainers: SOVRENI (+8.41%), MANSARD (+5.02%), VERITASKAP (+4.35%), MBENEFIT (+3.18%), AIICO (+2.37%)
Top losers: PRESTIGE (-4.20%), REGALIN (-3.03%), SUNUASSUR (-2.96%), LASACO (-1.16%), CONHALLPLC (-0.86%)
