NGX ASI: Nigeria’s All-Share Index
The Nigerian Exchange’s All-Share Index (NGX ASI) gained 0.18% and closed at 250,614.66 basis points. During intraday trading, the index experienced a strong pullback. However, it recovered, closing the day with continued bullish momentum.
This performance reflects the NGX’s resilience within the Fibonacci critical zone. In line with this performance, the index’s momentum, volume, and liquidity remained strong, attracting investment opportunities.
NGXBNK: Banking Sector Index
The banking sector index gained 2.50% and closed at 2,725.39 bps. As expected, the index surpassed its resistance level at 2,700 bps and created a new 52-week high. In line with this performance, the index’s volume, liquidity, and overall momentum improved exponentially.
Top gainers: IBTC (+7.09%), UBA (+4.07%), FIDELITY (+3.62%), FIRSTHOLD (+3.06%), ZENITH (+2.64%), ACCESSCORP (+0.67%), WEMABANK (+0.16%), GTCO (+2.32%)
Top loser: ETI (-0.23%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index gained 1.04% and closed at 7,607.89 bps. During intraday trading, the index consolidated and closed with strong bullish momentum. This performance sustained the index’s markup phase and created a new 52-week high at 7,616.15 bps. In line with this performance, its volume, momentum, and liquidity improved exponentially.
Top gainers: NEIMETH (+8.90%), UCAP (+2.86%), and top-tier banks
Top losers: MTNN (-4.49%), ROYALEX (-4.00%), HONYFLOUR (-2.19%)
NGXIND: Industrial Sector Index
The industrial index gained 1.20% and closed at 10,479.35 basis points. This performance strengthened the index’s recovery. The index’s volume and overall momentum closed strongly, while liquidity remained flat. Therefore, investors should watch for improved liquidity to determine the index’s outlook.
Top gainers: HBMNG (+1.83%), DANGCEMENT (+1.71%), CUTIX (+0.88%)
NGXOGSE: Oil and Gas Sector Index
The oil and gas index fractionally gained 0.03% and closed at 6,010.75. During intraday trading, the index consolidated. However, the market bulls dominated as investors bought into value. In line with this performance, volume closed strongly above its moving average. Despite this volume performance, liquidity remained low, and MACD sustained its divergence signal. Thus, investors should watch for improved recovery conditions as the index remains within the Fibonacci’s critical zone.
NGXINS: Insurance Sector Index
The insurance index lost 1.94% and closed at 1,081.54 basis points. During intraday trading, the index pulled back drastically, suggesting profit-taking. Due to the bearish momentum, the index’s liquidity and momentum declined. However, the index closed above its moving average on the daily chart, depicting resilience. Also, MACD sustained its bullish momentum. Thus, investors should watch for continued bullish momentum
Top gainers: SOVRENI (+9.95%), LINKASS (+1.23%), NEM (+0.70%)
Top losers: MBENEFIT (-8.38%), REGALIN (-6.67%), MANSARD (-6.67%), CONHALLPLC (-5.05%), CORNERS (-2.94%)
Market Analyst Insight
The NGX market continues to improve, creating new all-time highs. The banking sector stood out, signifying that investors are positioning ahead of Q3 results. The next sector to watch is the industrial recovery phase. Given the strong momentum, investors can position themselves in fundamentally strong industrial companies.
