NGX ASI: Nigeria’s All-Share Index
The NGX ASI shed 0.07% and closed at 250,096.75 bps. The index experienced a fractional loss due to bearish sentiment. This performance suggests bearish exhaustion amid recovery. Thus, investors should expect a trend reversal. In line with this performance, volume closed fairly strong as MACD strengthened its bearish momentum. However, the index’s liquidity and momentum remained strong
NGXBNK: Banking Sector Index
The banking index dropped 0.36% to close at 2,644.49 bps. The sector attempted to recover during intraday trading; yet, the market bears dominated the market. Plotting the Fibonacci retracement tool, the index is expected to meet strong support within the 1.0 Fibonacci level.
In line with this performance, the bearish volume closed fairly strong, signalling reduced selling pressure. This volume reading also prepares investors for a trend reversal. MACD strengthened its bearish momentum, aligning with the overall index sentiment. Notably, the index’s momentum and liquidity remained solid, suggesting that the market remains strong.
Top gainers: IBTC (+1.11%), ZENITH (+0.22%)
Top losers: WEMABANK (-3.02%), ETI (-1.47%), UBA (-1.22%), ACCESSCORP (-0.99%), FCMB (-0.90%)
NGXCSMG: Consumer Goods Sector Index
The NGXCSMG shed 0.18% and closed at 7,484.36 bps. During intraday trading, the index retraced to the 1.0 Fibonacci level and initiated its recovery phase. The index is expected to sustain its momentum within this Fibonacci level as selling pressure reduces.
In line with this performance, the bearish volume reduced, aligning with the current index performance. MACD also strengthened its bearish momentum. On the other hand, the index’s liquidity and momentum remained solid, suggesting a sustainable market.
Top gainers: ROYALEX (+8.00%), UCAP (+1.78%), UNILEVER (+0.70%)
Top losers: NEIMETH (-4.61%), DANGSUGAR (-2.14%)
NGXIND: Industrial Sector Index
The industrial index closed at 10,440.80 bps. The index made no significant change in points; yet, the market bull dominated. Volume, liquidity, and momentum remained strong. Notably, MACD sustained its bullish divergence signal; thus, investors should expect a trend reversal.
Top gainers: TRIPPLE (+9.96%), CUTIX (+2.09%)
NGXOGSE: Oil and Gas Sector Index
The oil and gas index shed 0.09% and closed at 6,237.88 basis points. The index continued its distribution phase on the lower timeframe as investors took profits. MACD also strengthened its bearish momentum. Despite this bearish sentiment, the index’s liquidity and momentum remained strong.
NGXINS: Insurance Sector Index
The insurance sector gained 0.03% and closed at 1,093.69 bps. The index sustained its momentum with the ascending triangle despite the bearish domination during intraday trading. In line with this performance, the index’s volume, liquidity, and momentum improved. However, investors should watch MACD’s divergence performance. If its momentum strengthens, that should confirm the expected bull rally.
Top gainers: WAPIC (+9.24%), REGALIN (+2.78%), LASACO (+0.56%)
Top losers: SOVRENI (-7.60%), VERITASKAP (-4.42%), MBENEFIT (-1.59%), SUNUASSUR (-1.52%), INTENEG (-0.90%)
Market Analyst Insight
Since the NGX commenced its bearish phase, its liquidity and momentum remained strong. This performance portrays the market’s sustainability and resilience. Bargain hunters continue to dominate the market, leaving high-cap stocks in a neutral position. Thus, investors can buy into value as some Q3 results remain pending. The insurance sector looks attractive, given its resilience above the moving average. Investors should watch for a potential breakout in the Sector Index
