NGX ASI: Nigeria’s All-Share Index
The Nigerian Exchange’s (NGX) All-Share Index lost 0.91%, closing at 245,278.34 basis point, breaking its support level, while closing within the 0.382 Fibonacci level. In line with this performance, the index’s liquidity and momentum declined, following its moderate bearish volume. Investors should watch 244,289.06 basis points as a potential support level.
NGXBNK: Banking Sector Index
The banking sector index fell 1.40% to close at 2,497.01 bps. The NGXBNK retraced deep into its support zone at the 1.0 Fibonacci level. This performance puts the index in a critical zone. In other words, upward momentum suggests a new recovery phase. In line with this, the index’s liquidity and momentum declined sharply. MACD’s bearish momentum also strengthened.
Top gainer: FCMB (+0.46% )
Top losers: ETI (-4.76%), WEMABANK (-3.55%), UBA (-2.33%), ACCESSCORP (-1.93%), ZENITH (-1.59%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index lost 0.94%, closing at 7,171.87 bps. The NGXCSMG met support within the 1.0 Fibonacci level at 7,133.91 bps. This performance portrays this Fibonacci level as a potential recovery zone. In line with this performance, MACD sustained its divergence signal. Thus, investors should watch for improved bullish volume, momentum, and liquidity as these indicators remain strongly bearish.
Top gainers: NEIMETH (+5.88%), HONYFLOUR (+0.57%), UNILEVER (+0.49%), NEM (+0.18%)
Top loser: ETRANZA (-6.07%)
NGXIND: Industrial Sector Index
The industrial index fell 2.90% to close at 10,140.51 bps. This decline was driven by heavy profit-taking in Dangote Cement. In line with this performance, the index retraced to the 1.0 Fibonacci level, which has served as a strong support level. Its momentum also declined drastically as MACD initiated its bearish signal. Despite this bearish sentiment, the index’s liquidity remained strong, signalling potential.
Top gainer: CAP (+0.05%)
Top losers: CUTIX (-9.79%), DANGCEM (-5.50%)
NGXOGSE: Oil and Gas Sector Index
The oil and gas index shed 0.06%, closing at 6,190.11 bps. The NGXOGSE commenced another distribution phase amid recovery. This phase should attract investment opportunities as MACD sustained its bearish divergence signal. In line with this performance, the index’s liquidity and momentum remained strong.
Top loser: ETERNAO (-2.87%)
NGXINS: Insurance Sector Index
The insurance index lost 0.89% to close at 1,069.94 bps. This performance strengthened the index’s bearish momentum. In line with this performance, the market’s strength was evident as bearish volume closed moderately strong. However, the index’s liquidity remained strong, reflecting the index’s potential.
Top gainers: MBENEFIT (+1.59%), NEM (+0.18%)
Top losers: INTENEG (-6.48%), LINKASS (-6.29%), REGALIN (-5.00%), LASACO (-3.31%), WAPIC (-2.92%)
Market Analyst Insight
The Nigerian bourse is in a decisive week. In other words, if the market declines through this week, investors should prepare to take profits and buy into value. The banking, consumer goods, and industrial indices are trading within their critical zones. These zones’ performance could make a strong impact on the overall market outlook.
