NGX ASI: Nigeria’s All-Share Index
The Nigerian Exchange’s benchmark All-Share Index (NGX ASI) lost 1.05% and closed at 242,223.10 bps. The index broke its support level at 244,289.06 bps, following strong bearish momentum. In line with this performance, the index’s momentum declined, and MACD’s bullish divergence signal strengthened. Notably, the index’s liquidity improved, signalling renewed investor interest. Investors should watch for a bullish candle to determine the index’s outlook.
NGXBNK: Banking Sector Index
The banking sector fell 0.53% to close at 2,493.73 bps. During intraday trading, the index met support at 2,482.52 bps after weak bearish momentum. This performance suggests bearish exhaustion as the index attempts to recover.
The index sustained bearish volume and momentum, triggering MACD’s bearish signal. However, liquidity tilted upward as it found support at 2,482.52 bps. Thus, investors should watch for a bullish candle to confirm the recovery phase.
Top gainers: ZENITH (+1.64%), UBA (+0.47%)
Top losers: FCMB (-4.87%), ACCESSCORP (-4.16%), WEMABANK (-3.87%), FIDELITY (-1.81%), GTCO (-1.31%)
NGXCSMG: Consumer Goods Sector Index
The consumer goods index lost 0.79% and closed at 6,991.72 points. During intraday trading, the index experienced bearish exhaustion, leading to a bullish candlestick formation.
Given this sentiment, investors should check for continuous bullish momentum to determine the index’s outlook. Despite the bearish momentum, the index’s liquidity and momentum remained solid. This performance suggests that the index has potential for a continuous trend.
Top gainers: ZENITH (+1.64%), UBA (+0.47%), UCAP (+0.29%)
Top losers: NB (-9.76%), NEIMETH (-9.66%), NESTLE (-6.51%), NEM (-6.30%), ACCESSCORP (-4.16%)
NGXIND: Industrial Sector Index
The industrial sector lost 3.09% and closed at 9,999.13 bps. The index experienced strong bearish momentum, which influenced its volume. Given this performance, the index retraced deeply into the 1.0 Fibonacci level. Investors should watch for support within this Fibonacci level as the index is oversold.
Top gainer: CUTIX (+3.06%)
Top losers: BUACEMENT (-10%), TRIPPLE (-9.79%)
NGXOGSE: Oil and Gas Sector Index
The oil index lost 0.2% and closed at 5,761.75 bps. The index commenced its markdown phase at its resistance zone. In line with this sentiment, MACD showed a bullish divergence signal on strong volume. This performance should prepare investors for a brief corrective phase.
Amid this performance, the index’s liquidity and momentum remained strong. This suggests that the index has potential for a continuous bullish rally. Thus, investors should use this corrective phase to buy into value
NGXINS: Insurance Sector Index
The insurance index lost 3.07% and closed at 1,043.11 bps. This bearish momentum led to a strong momentum decline and a bullish divergence signal. However, money flow tilted upward, signalling renewed interest in fundamentally strong insurance companies. Investors should watch for potential support at 1,040 bps
Top losers: INTENEG (-9.88%), MBENEFIT (-7.54%), SOVRENI (-7.51%), NEM (-6.30%), LASACO (-5.91%)
Market Analyst Insight
While other market players focus on the current IPO, smart investors are buying value in fundamentally strong companies, especially the 31 companies recommended by FTSE Russell. Given this sentiment, investors should watch the banking, consumer goods, insurance, and oil sectors for potential support levels
