Nigeria’s All-Share Performance For May 13th, 2026
The Nigerian All-Share Index (NGXASI) closed green again at the midweek, as its gain was a subdued 0.04%, after the composite index closed at 252,508.19 basis points. The market was dominated by bearish sentiments; yet, the index sustained its strength above the moving average, reflecting the selective bargain hunting, and massive profit-taking that dominated the market.
Despite the bearish sentiment, money flow indicated a slight increase in market liquidity, while RSI maintained its bullish momentum. Volume indicated a strong bearish signal, which weakened MACD’s bullish momentum. These are pointers that investors are interested in undervalued companies with good fundamentals.
Which sectors benefited from this market sentiment?
Sectoral Index Performance
NGXBNK: Banking Sector Index
The banking sector experienced massive profit-taking after briefly breaking its former resistance level (2,413.91 bps). The index shed 2.53%, closing at 2,416.08 bps above its moving average and support level, a situation expected to help investors determine the strength of this support level. Notable contributors included FIRSTHOLD (-9.87%), ZENITH (-2.96%), GTCO (-2.93%), FCMB (-1.29%), and ACCESSCORP (-1.17%).
On the daily chart, volume, money flow, and RSI aligned with the strong bearish sentiment. Volume indicated that 1.06 billion shares were sold as the index experienced five losers against two winners. MACD’s bullish momentum remained resilient amid profit-taking. This pullback is an opportunity to buy into value.
NGXCSMG: Consumer Goods Sector Index
The NGXCSMG fell by 1.53%, closing at 6,752.32 bps above its moving average. In the intraday market, the consumer goods intended to go long and met a strong resistance at 6,919.04 bps. Given this performance, the distance between the index’s support level (6,559.89 bps) and the current close is 2.69%.
Notable contributors included NEIMETH (-9.66%), UCAP (-9.33%), NEM (-3.50%), and SUNUASSUR (-3.06%). Following these declines, the consumer goods sector experienced bargain hunting as top gainers included undervalued companies.
The indicators on the NGXCSMG’s daily chart corresponded with the bearish sentiment. While volume, money flow, and RSI indicated profit-taking, MACD’s bullish momentum remained resilient. This pullback invites investors to buy into value.
NGXIND: Industrial Sector Index
A market that closes indecisively usually indicates a potential trend reversal. After a brief pullback, the industrial sector gained 0.93%, closing at 12,419.48 bps, and above its moving average. Although the index’s bullish sentiment was strong enough, it slightly surpassed its resistance level. Notable supporters included BERGER (+9.97%), DNMEYER (+5.29%), and BUACEMENT (+2.35%)
Following midweek’s performance, the bullish volume on the NGXIND’s daily chart was low. Also, money flow and RSI remained solid, indicating a strong market. Finally, MACD’s bullish momentum remained low, signalling a pullback. Overall, these indicators’ performances enlighten investors to prepare to buy into value, as the market remains sturdy.
NGXOGSE: Oil and Gas Sector Index
The oil sector shed 0.03%, closing at 6,098.63 bps above its moving average. The index couldn’t surpass its resistance level at 6,132.68 bps. Thus, this performance leaves the NGXOGSE within its distribution phase.
Although MACD’s bearish momentum strengthened, money flow indicated an increased market liquidity. This performance showed a sustained investors’ interest in the sector. Thus, the bearish sentiment was an opportunity to buy into value. Also, RSI sustained its strong bullish momentum, aligning with the index position above its moving average.
NGXINS: Insurance Sector Index
The insurance sector remained resilient above its moving average as it attempted to surpass its resistance level (1, 246.81 bps). The index gained 0.68%, closing at 1,232.29 bps. This index performance continues to offer market player investment opportunities. Notable contributors included INTENEG (+9.96%), MBENEFIT (+6.34%), AIICO (+5.90%), VERITASKAP (+1.85%), and MANSARD (+1.11%).
During the intraday market, the NGXINS experienced a brief bearish sentiment, causing the money flow to decline. Unlike other sectors, the players in this sector are few; thus, it’s easy for money flow to fluctuate as investors take profits. Following this performance, MACD’s bullish signal remained resilient, supported by RSI’s momentum gain. These performances indicate that investors are still interested in the sector amid selective bargain hunting.
Final Thought
The sectoral indices were in their distribution phase, inviting market players to buy into value. The sector that stood out was the insurance sector, as it attempts to commence a strong bullish rally. Other sectors will need further actions to determine the strength of their support and resistance levels
