NGX ASI: Nigeria’s All-Share Index
The NGX ASI rose 0.21% and closed at 252,383.69 basis points, improving the index’s liquidity and relative strength. In line with this performance, MACD began showing a bearish divergence signal, preparing for a trend reversal. Thus, investors should watch for continued bullish momentum as the index remains resilient.
NGXBNK: Banking Sector Index
The banking sector gained 0.49% and closed at 2,356.81 basis points. This performance reflects the index’s attempt to recover as investors continue to buy value. In line with this performance, MACD sustained its divergence signal as the index’s bullish volume improved. Thus, investors should watch for improved liquidity and relative strength to determine the index’s outlook.
Top gainers: FIRSTHOLD (+2.09%), UBA (+1.22%), IBTC (+2.55%)
Top losers: FIDELITY (-2.83%), ACCESSCORP (-0.37%), WEMABANK (-1.52%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index gained 0.65% to close at 6,938.84 bps. As expected, the index met support at 6861.60 basis points. In line with this performance, MACD sustained its divergence signal, preparing for a trend reversal. However, investors should watch for improved liquidity and relative strength to determine the market’s recovery strength.
Top gainer: NEIMETH (+2.86%)
Top losers: NEM (-1.58%)
NGXIND: Industrial Sector Index
The industrial index closed at 12,336.94 bps. During intraday trading, the index made no significant change in points. However, the index closed with decent bullish volume associated with strong liquidity and relative strength. Despite this bullish sentiment, MACD launched its bearish signal, suggesting that a potential bearish market is on the horizon.
Top gainer: CUTIX (+5.61%)
NGXOGSE: Oil and Gas Sector Index
The oil and gas index rose 1.90% to close at 5,991.03 bps. As expected, the index closed above the 14-day moving average following MACD’s bearish divergence signal. In line with this performance, the index’s liquidity, relative strength, and volume improved exponentially, closing above their threshold. Now, investors should watch for the index’s performance at the resistance level (6132.68 bps) to determine the index’s outlook.
Top gainer: SEPLAT (+3.12%)
Top loser: ETERNAO (-0.83%)
NGXINS: Insurance Sector Index
The insurance index gained 0.66%, closing at 1,057.59 bps. This performance continued to fortify the index’s recovery phase. In line with this performance, the index’s liquidity and relative strength improved, closing above their threshold. This performance sustained investors’ interest as MACD’s bullish momentum improved.
Top gainers: SUNUASSUR (+9.92%), CORNERS (+8.54%), VERITASKAP (+4.17%), REGALIN (+3.13%), MANSARD (+2.95%)
Top losers: WAPIC (-3.18%), AIICO (-2.10%), MBENEFIT (-2.08%), NEM (-1.58%), CONHALLPLC (-0.14%)
Market Analyst Insight
The NGX market attempts to recover as investors buy fundamentally strong stocks with a good 9-month financial report. The insurance sector has been promising after hitting its 52-week low. However, the index has a long way to go due to its multiple resistance levels. Thus, investors should watch for continued bullishness, while positioning in good insurance stocks for trading purposes.
