NGX ASI: Nigeria’s All-Share Index
The NGX All-Share Index gained 0.21% and closed at 252,635.11 basis points at the close of Monday’s trading session as the index remained resilient within the Fibonacci critical zone as it attempted to fully recover. In line with this performance, the index’s volume, momentum, and liquidity improved tremendously. This indicator performance signals improved interest in the NGX market
NGXBNK: Banking Sector Index
The banking index gained 1.14% and closed at 2,752.82 bps. The index ended last week with profit-taking and regained its bullish momentum. This performance suggests that investors bought into value due to renewed interest in the market. In line with this performance, volume, liquidity, and momentum remained strong. Notably, MACD initiated its divergence signal, aligning with the current recovery phase. Thus, investors should watch for improved MACD bullish momentum.
Top gainers: FIDELITY (+6.48%), FCMB (+2.69%), FIRSTHOLD (+2.11%), UBA (+1.77%), ETI (+1.45%), ZENITH (+0.37%), ACCESSCORP (+1.11%)
Top loser: WEMABANK (-2.11%)
NGXCSMG: Consumer Goods Sector Index
The NGXCSMG gained 0.79% and closed at 7,730.06 bps. During intraday trading, the index initiated its recovery phase and closed below its resistance level at 7,746.30 bps. This performance signals renewed interest amid a corrective market. Despite this brief profit-taking, the index’s liquidity, momentum, and volume remained solid. However, MACD sustained its divergence signal, alerting investors to watch for better bullish momentum.
Top gainer: NEIMETH (+5.73%)
Top losers: NPFMCRF (-2.44%), WEMABANK (-2.11%), DANGSUGAR (-1.41%), ETRANZA (-1.20%)
NGXIND: Industrial Sector Index
The industrial index closed at 10,467.53 bps. During intraday trading, the index did not make any significant change in points. However, its volume closed bearish, signalling profit-taking. MACD also commenced its divergence signal. Despite this sentiment, the index liquidity and momentum remained strong, closing above their threshold.
Top loser: CUTIX (-2.44%)
NGXOGSE: Oil and Gas Sector Index
The oil index gained 0.01% and closed at 6,244.45 bps. During intraday trading, the index did not make any significant change in points. However, the market bulls dominated. This performance signals sustained interest in the sector. In line with this performance, the index’s volume, momentum, and liquidity were strong. However, MACD’s momentum remained low; thus, investors should watch for improved performance.
Top gainer: ETERNAO (+9.62%)
NGXINS: Insurance Sector Index
The insurance sector gained 0.04% and closed at 1,094.10 bps. The index attempted to recover during intraday trading and closed with strong bullish momentum. This performance sustained the index’s recovery strength on the daily chart. In line with this performance, the index’s liquidity, momentum, and volume remained solid. Yet, MACD sustained its divergence signal. Investors should watch for continued bullish momentum.
Top gainers: SOVRENI (+9.17%), MANSARD (+3.08%), SUNUASSUR (+2.67%), LASACO (+1.72%), REGALIN (+1.41%)
Top losers: WAPIC (-4.74%), INTENEG (-4.20%), MBENEFIT (-3.32%), AIICO (-2.56%)
Market Analyst Insight
The market commenced recovery immediately after a sharp correction. This performance portrays the NGX’s resilience and strength. Thus, investors should expect continued bullishness. During this brief correction phase, investors can indulge in discount investing and bargain hunting.
