NGX ASI: Nigeria’s All-Share Index
The Nigerian Exchange’s All-Share Index lost 0.44% and closed at 252,882.78 basis points. The index started trading with strong bearish momentum within its resistance zone. This performance signified strong profit-taking across benchmark indices. However, index liquidity continued to improve, as MACD’s bullish momentum strengthened. This performance suggests sustained investor interest in the market. Thus, market participants should watch for a breakout.
NGXBNK: Banking Sector Index
Banking Sector Index lost 2.36% to close at 2,513.96 bps. This performance formed a morning star candlestick pattern, suggesting a continuous bearish trend. In line with this performance, the index’s liquidity and relative strength decreased. However, MACD sustained its bullish signal, suggesting sustained investor interest amid massive profit-taking
Top gainers: UBA (+6.83%), ETI (+2.99%), ACCESSCORP (+1.58%)
Top losers: FIRSTHOLD (-10%), FCMB (-1.82%), GTCO (-1.79%), ZENITH (-0.41%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index fell 1.75% to close at 7,261.41 bps. This performance signals massive profit-taking as the index’s bearish volume closed strong. In line with this, NGXCSMG liquidity and relative strength declined. Yet, MACD retained its bullish signal, portraying the market’s resilience and sustainability.
Top gainers: DANGSUGAR (+1.49%), PZ (+1.26%)
Top losers: ROYALEX (-4.76%), ETRANZA (-4.76%), AFRIPRUD (-3.70%), NPFMCRF (-3.49%)
NGXIND: Industrial Sector Index
The industrial index lost 0.31% to close at 11,797.62 bps. During intraday trading, the index experienced a sharp pullback, signalling profit-taking. In line with this performance, the index’s bearish volume closed strongly above its moving average. Despite the bearish momentum, the index’s relative strength and liquidity remained strong as MACD’s bullish momentum strengthened.
NGXOGSE: Oil and Gas Sector Index
The oil and gas index shed 0.03% to close at 6086.43 bps. This performance signaled continuous sideways consolidation as the index attempts to recover. This bearish momentum reduced the index’s liquidity and relative strength. In line with this performance, MACD’s bearish momentum improved.
NGXINS: Insurance Sector Index
The insurance index fell 0.13% to close at 1,029.35 bps. During intraday trading, the index attempted to recover due to low bearish pressure. However, the bullish momentum wasn’t sturdy enough to change the market’s trajectory. In line with this performance, the index’s relative strength and liquidity declined as MACD’s bearish momentum strengthened
Top gainers: SOVRENI (+10%), LASACO (+3.49%), LINKASS (+0.64%)
Top losers: REGALIN (-2.86%), VERITASKAP (-2.78%), INTENEG (-2.50%), WAPIC (-2.08%), AIICO (-1.58%)
Market Analyst Insight
The NGX market declined today due to its major resistance level. Also, the main driver of the market’s strength stopped gaining momentum. This pullback always offers investment opportunities in the benchmark indices. Investors should watch stocks in the banking, consumer goods, and insurance sectors for positioning opportunities.
