NGX ASI: Nigeria’s All-Share Index
The NGX ASI gained 0.38% and closed at 252,149.98 basis points. During intraday trading, the index sustained its bullish momentum within the Fibonacci critical zone. With this performance, the NGX ASI gradually approaches its 52-week high at 254,295 basis points. The index’s liquidity, momentum, and volume remained strong. Thus, investors should expect a continuous bullish market amid recovery.
NGXBNK: Banking Sector Index
The banking index fell 0.29% to close at 2,740.74 bps. During intraday trading, the index sustained its bearish momentum and closed below its moving average. This brief correction should offer investment opportunities as the index remains strong on the daily chart. In line with this performance, the index’s volume and momentum remained strong despite the heavy bearish volume.
Top gainer: FIDELITY (+3.73%)
Top losers: WEMABANK (-3.93%), UBA (-0.98%), ETI (-0.75%), ZENITH (-0.59%), GTCO (-0.36%).
NGXCSMG: Consumer Goods Sector Index
The consumer goods stock gained 0.75% and closed at 7,713.81 bps. During intraday trading, the index sustained strong bullish momentum and closed above its moving average. This performance strengthened the index’s makeup phase and created a new 52-week high. In line with this performance, its volume, momentum, and liquidity remained strong.
Top gainers: NAHCO (+8.57%), AFRIPRUD (+3.96%)
Top losers: NEIMETH (-7.23%), NB (-1.16%)
NGXIND: Industrial Sector Index
The industrial sector closed at 10,463.56 basis points. During intraday trading, the index did not make any change in points. Thus, it consolidated. However, the industrial index’s volume closed bullish, sustaining the index’s recovery strength. Notably, its overall momentum remained strong, suggesting sustained investor interest.
Top loser: CUTIX (-0.42%)
NGXOGSE: Oil and Gas Sector Index
The oil and gas index gained 3.95% and 6,251.99 bps. During intraday trading, the index showed strong bullish performance. In line with this performance, it broke its resistance level at 6,132.68 bps and created a new 52-week high. This performance marks the ends of the index’s recovery phase.
In line with this performance, the index’s momentum, liquidity, and volume improved exponentially. Notably, MACD regained its bullish momentum, suggesting renewed investor interest in the sector.
Top gainers: SEPLAT (+7.33%), ETERNAO (+1.30%)
NGXINS: Insurance Sector Index
The insurance sector shed 0.08% and closed at 1,092.34 bps. During intraday trading, the index consolidated and closed with strong bullish momentum. In line with this performance, volume closed bullish, accompanied by solid liquidity and momentum.
Top gainers: LINKASS (+7.36%), CONHALLPLC (+4.20%), SOVRENI (+4.17%), VERITASKAP (+3.85%), REGALIN (+1.41%)
Top losers: MBENEFIT (-4.65%), LASACO (-4.44%), AIICO (-3.05%), SUNUASSUR (-2.60%), INTENEG (-1.74%)
Market Analyst Insight
Profit-taking prevailed in the banking sector, which attracts investment opportunities. Investors should expect a brief bearish market in the banking sector. The bullish surge in the oil and gas sector supported the overall index performance. Thus, investors should watch for continued bullish momentum in the oil sector to guage its outlook.
