NGX ASI: Nigeria’s All-Share Index
The NGX ASI shed 0,01% to close at 254,268.80 basis points. The index attempted to break its resistance level, which should confirm a full market recovery. However, bearishness dominated the market, and it closed below its major resistance at 254,295 basis points. Despite the bearishness, the index’s liquidity and relative strength remained strong, strengthening MACD’s bullish momentum.
NGXBNK: Banking Sector Index
The banking sector lost 1.79% and closed at 2,386.08 bps. This performance broke the support at 2,413 basis points, strengthening its markdown phase. In line with this performance, the stock’s liquidity and relative strength declined as MACD’s bearish momentum and volume improved.
Top losers: ACCESSCORP (-7.34%), ZENITH (-2.52%), GTCO (-2.50%), FIDELITY (-2.08%), FCMB (-1.79%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index lost 1% to close at 7,047.64 bps. This performance also improved the index’s markdown phase. In line with this performance, the index’s liquidity and relative strength declined as MACD’s bearish momentum and volume improved.
Top gainers: NPFMCRF (+7.14%), HONYFLOUR (+4.88%), UNILEVER (+4.86%)
Top losers: ETRANZA (-8.90%), NESTLE (-3.64%)
NGXIND: Industrial Sector Index
The industrial index rose 3.34% to close at 12,606.94 bps. The sector saw strong bullish volume and momentum, improving liquidity and relative strength. In line with this performance, the index broke its resistance level at 12,416 bps, strengthening its markup phase.
Top gainers: DANGCEMENT (+4.93%), BUACEMENT (+1.57%)
NGXOGSE: Oil and Gas Sector Index
The oil and gas index fell 3.75%, closing at 5,857.51 bps. This performance improved the index’s markdown face. In line with this sentiment, the index’s relative strength and liquidity declined as MACD’s bearish momentum and volume improved. Investors should watch for the index’s performance at 5,842 basis points to determine its trajectory.
NGXINS: Insurance Sector Index
The insurance sector index gained 0.93% to close at 1,036.57 bps. The performance suggests market recovery. In line with this performance, the index’s liquidity and relative strength improved as MACD sustained its divergence signal. This performance usually attracts good buy-in opportunities.
Top gainers: CONHALLPLC (+10%), MANSARD (+9.30%), AIICO (+7.04%), NEM (+4.00%), PRESTIGE (+0.74%)
Top losers: SUNUASSUR (-10%), CORNERS (-9.89%), SOVRENI (-9.79%), INTENEG (-9.74%), LASACO (-5.56%)
Market Analyst Insight
Based on the benchmark indices’ performance, the NGX should be experiencing sector rotation. Given this sentiment, the industrial and insurance sectors are sectors to watch, as their performance and potential gradually attract investors.
