NGX ASI: Nigeria’s All Share Index
The Nigerian Exchange’s All-Share Index (NGX ASI) gained 0.62% and closed at 246,315.50 basis pointss on Thursday. This performance strengthened the index’s recovery phase as it approaches major resistance levels. In line with this performance, the index’s momentum, volume, and liquidity improved exponentially.
NGXBNK: Banking Sector Index
The banking sector gained 1.18% and closed at 2,583.31 bps. The index started the day with strong bullish momentum and closed above its moving average. This performance strengthened the index’s recovery.
In line with this performance, the index closed with unusual bullish volume, with 705.11 million shares purchased. Liquidity and momentum also improved, attracting investment opportunities.
Top gainers: FIRSTHOLD (+4.96%), FCMB (+2.69%), ACCESSCORP (+0.34%), ZENITH (+0.08%)
Top losers: FIDELITY (-1.25%), WEMABANK (-0.84%), UBA (-0.22%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index gained 0.78% and closed at 7,295.15 bps. During intraday trading, the index sustained its bullish momentum, approaching its next strong resistance level at 7,350 bps. Amid this bullish sentiment, the index closed with unusual volume. Liquidity and momentum also improved sharply.
Top gainers: ROYALEX (+9.89%), REDSTAR (+8.63%), NPFMCRF (+6.67%)
Top losers: NEIMETH (-3.70%), NAHCO (-2.22%), PZ (-1.33%), NB (-1.17%)
NGXIND: Industrial Sector Index
The industrial index gained 2.89% and closed at 10,224.02 bps. As expected, the index experienced strong bullishness at the 1.0 Fibonacci level. This performance strengthened the index’s recovery as it closed above its moving average. In line with this performance, the bullish volume closed moderately strong. The index’s liquidity and momentum also improved.
Top gainers: BETAGLAS (+10.00%), BUACEMENT (+10.00%)
Top loser: CUTIX (-2.27%)
NGXOGSE: Oil and Gas Sector Index
The oil and gas index shed 0.01% and closed at 6,032.49 bps. During intraday trading, the index consolidated within the Fibonacci critical zone. However, its liquidity and momentum remained strong. Investors should watch MACD divergence.
NGXINS: Insurance Sector Index
The insurance index gained 1.88% and closed at 1,088.09 bps. During intraday trading, the index sustained its bullish momentum and closed above its moving average. This performance strengthened the index recovery, as it approaches major resistance levels. In line with this performance, the index’s volume, momentum, and liquidity improved, attracting investment opportunities.
Top gainers: CONHALLPLC (+10.00%), SOVRENI (+9.77%), MBENEFIT (+8.20%), LASACO (+7.56%), REGALIN (+1.43%)
Top losers: LINKASS (-2.94%), VERITASKAP (-1.87%), INTENEG (-0.47%), WAPIC (-0.43%)
Market Analyst’s Insight
When the market shows unusual bullish volume, it usually signals smart-money entry. Given this sentiment, investors should watch the banking and consumer goods sectors as they approach resistance. Investors should also watch the oil sector because its bullish divergence signal suggests bearish momentum is on the horizon. The insurance sector looks attractive; thus, investing in fundamentally strong companies is viable.
