NGX ASI: Nigeria’s All-Share Index
On the weekly chart, the NGX ASI gained 2.78% and closed at 249,804.56 basis points. The index sustained its bullish momentum during the week, closing within its major resistance zone. In line with this performance, the index’s momentum, volume, and liquidity improved.
Notably, MACD commenced its divergence signal, preparing investors and traders for a trend reversal. Given the performance of the benchmark indices, the NGX ASI should surpass 254,000 bps and create a new 52-week high
NGXBNK: Banking Sector Index
The banking index gained 4.43% and closed at 2,640.90 bps. During the week, the index sustained its bullish momentum and closed above its moving average. This performance depicted the index’s resilience and sustainability amid this corrective market.
In line with performance, volume closed moderately strong, associated with strong liquidity and momentum. However, MACD sustained its divergence signal, alerting investors of a potential bearish continuation. Thus, investors should watch for continued bullish momentum.
NGXCSMG: Consumer Goods Sector Index
The consumer goods index gained 4.87% and closed at 7,484.58 bps. During the week, the index experienced strong bullish momentum and volume. Due to this performance, the NGXCSMG surpassed its strong resistance level at 7,350 bps, recording a new 52-week high.
The index fully recovered by closing the week with a 100% buy sentiment. It also continued its Wave 5 in the intermediate cycle, strengthening its potential markup phase. In line with this performance, the index’s liquidity and momentum improved. Also, MACD’s bullish momentum regained strength, suggesting continued bullish momentum.
NGXIND: Industrial Sector Index
The industrial index gained 3.12%, closing at 10,306.65 bps. As expected, the index regained its bullish momentum within the 0.382 Fibonacci level. During the week, the NGXIND started to recover as smart money entered the market.
Notably, MACD sustained its bearish divergence signal, aligning with the market sentiment. Also, the index’s volume, momentum, and liquidity improved. Investors should watch for continued bullish momentum
NGXOGSE: Oil and Gas Sector Index
The oil index gained 3.71% and closed at 6,033.10 bps. Currently, the index remains within its critical resistance zone. Thus, a breakout would mean full market recovery. Also, the index would commence its fifth wave of the grand cycle.
In line with this performance, the index’s volume, momentum, and liquidity gradually improved. Also, MACD sustained its bearish divergence signal. Therefore, investors should watch for continued bullishness.
NGXINS: Insurance Sector Index
The insurance sector gained 3.79% and closed at 1,099.33 bps. This performance commenced the index’s recovery phase after trading within its 52-week low. In line with this performance, the index’s volume, liquidity, and momentum improved. Notably, MACD commenced its divergence signal. This performance shows that the index remains attractive with potential for a strong bullish rally.
Market Analyst Insight
Investors and traders opined that the market would sustain its bearish momentum due to the IPO event. However, the market sustained its strength and momentum as smart investors bought into value. The week ended with smart money entering the market amid its strong corrective phase. Thus, market players should watch for continuous bullish market.
