NGX ASI: Nigeria’s All-Share Index
The NGX ASI fell 0.25% to close at 247,736.23 basis points. The composite index sustained its bearish momentum amid bargain hunting. This performance strengthened MACD’s bearish signal, driving a continued decline in liquidity and momentum.
NGXBNK: Banking Sector Index
The banking index lost 1.81% and closed at 2,567.52 bps. The index retraced to the 1.0 Fibonacci level and met strong support at 2532 bps. This performance suggests sustained investor interest. With strong bearish momentum, the index’s liquidity and momentum declined sharply, strengthening MACD’s bearish signal.
Top gainers: IBTC (+1.88%), FCMB (+0.92%)
Top losers: ACCESSCORP (-4.24%), ZENITH (-4.23%), FIDELITY (-2.62%), FIRSTHOLD (-2.54%), WEMABANK (-1.12%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index fell 1.17% to close at 7,329.60 bps. The index sustained its bearish momentum, leading to a strong decline in liquidity and momentum. The sector predominantly benefited from bargain hunting amid the corrective phase. In other words, low-cap stocks with good fundamentals remain highly liquid.
Top winners: NEIMETH (+10%), GUINNESS (+9.93%), NPFMCRF (+9.52%), ETRANZA (+7.85%), HONYFLOUR (+5.29%)
Top loser: PZ (-4.41%)
NGXIND: Industrial Sector Index
The industrial index closed at 10,442.78 bps. During intraday trading, the index made no significant change in points. However, it continued its positive sentiment, suggesting sustained investor interest.
Top gainer: CUTIX (+5.78%)
NGXOGSE: Oil and Gas Sector Index
The oil and gas index shed 0.21% and closed at 5,993.51 bps. This performance sustained its distribution stage. In line with this performance, the MACD and volume bearish momentum improved. However, the index sustained its liquidity and momentum strength.
NGXINS: Insurance Sector Index
The insurance index rose 0.14% to close at 1,082.56 bps. It broke below its ascending triangle, aligning with the overall market sentiment. In line with this performance, investors should watch for brief bearish momentum. MACD also sustained its divergence signal, preparing investors for a trend reversal.
Top gainers: MBENEFIT (+6.49%), REGALIN (+6.49%), MANSARD (+0.90%), CONHALLPLC (+0.29%)
Top losers: SUNUASSUR (-9.85%), INTENEG (-2.33%), LINKASS (-1.21%), LASACO (-1.13%), AIICO (-0.97%)
Market Analyst Insight
Bargain hunting remains prevalent in the market amid strong bearish momentum. Currently, the market awaits a trigger as Q3 results are released. This period is also good for buying value in fundamentally strong high-cap stocks.
