NGXASI: All Shares Index
The All Shares index’s performance in showed resilience and stayed sturdy for the month of March, despite the global tension, surpassing the milestone (200,000 bps), while maintaining its bullish sentiment above the moving average. Notable sectors contributed to the NGXASI’s outstanding bullish sentiment.
The indicators validated the NSEASI’s positive sentiment throughout March. Volume remained above its moving average, reflecting the strength of the bullish sentiment. RSI and MFI remained sustainable, aligning with MACD’s bullish momentum. Which sectors had a great impact on the NGXASI’s monthly performance in March?
Sectoral Index Performance
NGXBNK: Banking Sector Index
The banking sector closed with a hammer candlestick pattern near its support from the previous month. After hitting its 2000 bps milestone in March, the index transitioned into its distribution and markdown phase. These market phases lead to the candlestick formation, signalling a potential trend reversal.
Following this trend reversal signal, NGXBNK commenced April with bullish sentiment, resisting at 1936.55 bps. In the past, the index broke that resistance level with ease. Thus, it’s expected that the index surpasses this resistance level and its 52-week high (2000 bps) in April.
By volume, March saw a strong bearish sentiment. However, MACD remained bullish, signalling a progressive markup phase with its histogram. Finally, MFI and RSI indicated sustained liquidity and momentum. These positive signals could impact April’s performance.
NGXCSMG: Consumer Goods Sector Index
The NGXCSMG closed with an inverted hammer candlestick in March. The index surpassed its 52-week high (5640.80 bps) last month, heading to a new milestone (5800 bps). However, the index stopped at 5795.19 bps and transitioned into its distribution and markup phase.
The index closed within its support zone and commenced April with a bullish sentiment. It’s expected that the index will maintain this new sentiment in April and surpass its resistance levels at 5643.49 and 5795.19.
In March, 7.296 billion shares were sold, reflecting strong bearish sentiment. This bearish volume indicated that investors on the monthly timeframe indulged in profit-taking. Regardless, MACD indicated sustained, progressive bullish sentiment, supported by high liquidity and momentum.
NGXIND: Industrial Sector Index
In the industrial sector, investors benefited massively from its bullish sentiment in March. The index continued to surpass its all-time highs, holding at 8827.10. This resistance led to a distribution phase that lasted into April. At this stage, long-term investors are expected to take profits to continue the distribution phase.
On the monthly timeframe, the bullish volume remains strong and progressive. This bullish sentiment crossed over from 2025 to the first quarter of 2026. According to the MFI and RSI, liquidity and momentum remained high and sustainable in March. Finally, MACD sustained its bullish signal. Given the current state of the market, market analysts expect a brief consolidation before another markup phase.
NGXOGSE: Oil and Gas Sector Index
The NGXOGSE experienced sustained bullish sentiment amid the global crisis. After a brief pullback towards the end of March, the index commenced its recovery phase with 4295.55 as its support level.
Due to uncertainty about the global crisis outlook and its impact, recovery in this index is expected to be gradual. Also, the index closed within its resistance zone, which should influence April’s overall sentiment.
March ended with a strong bullish sentiment and momentum. RSI and MFI closed high, reading 85.79 and 82.84, respectively. This index action aligns with the MACD’s bullish signal. With continuous liquidity and momentum, the market is expected to sustain its bullish sentiment above its moving average.
NGXINS: Insurance Sector Index
The insurance sector was strongly bearish in March. After multiple attempts within its former support zone, the resistance force dominated the month. At the moment, the index is within its next support zone at 1195.58 bps. Thus, the index is expected to commence another bull run in April.
Given the bearish sentiment in March, MACD lost momentum for its bullish signal. However, the index’s performance in its current support zone will determine MACD’s strength for April.
Despite the strong bearish sentiment, volume remained low, with liquidity and momentum. Market spectators will determine the outlook for this index based on its performance at its support level.
Final Thoughts
The industrial and oil sectors had a significant impact on the NGXASI’s monthly performance. The banking, insurance, and consumer goods sectors are expected to start a bull run because they are within their support zones. If these conditions are met, the NSEASI will break its current resistance level (204928.11 bps)
