The Nigerian Exchange (NGX) continues to recover as top companies regain liquidity and momentum. The bearish sentiment within this recovery indicates short-term profit taking. It also offers an opportunity to buy into value. Thus, this report will help investor assess the investment opportunities across key sectoral indices
NGX ASI: Nigeria’s All-Share Index
On Tuesday, the NGX ASI gained 1.06%, closing at 240,743.19 basis points, breaking the index’s first support level at 238,689.70bps thereby highlighting the overall strength of the recovery phase as the index attempts to trade above its moving average.
Daily chart indicator analysis for NGX ASI
On the daily chart, the indicators signaled a continuous recovery phase, even as market liquidity and momentum renewed their strength. Also, MACD closed with a divergence signal.
Key Sectoral Index Performance
NGXBNK: Banking Sector Index
The banking sector’s index closed with a bearish candlestick, indicating profit-taking. The index experienced a subdued gain of 0.18%, closing at 2,157.61 bps. During the intraday market, the index started with a strong bullish momentum and met a strong resistance at 2,197.93 bps.
Notable gainers included GTCO (+1.49%), FIDELITY (+1.40%), ACCESSCORP (+0.88%), FIRSTHOLD (+0.83%), and ZENITH (+0.08%). Notable losers included FCMB (-5.99%), WEMABANK (-3.01%), and UBA (-0.12%)
Daily chart indicator analysis for NGXBNK
The indicators on the daily chart signified a continuously recovering market. The bearish volume indicated a brief profit-taking. However, the market liquidity and momentum sustained their upward trajectory. Also, MACD sustained its divergence signal
NGXCSMG: Consumer Goods Sector Index
The consumer goods index experienced a fractional gain of 0.23%, closing at 6,143.01 bps. The index started with a strong bullish performance and met a strong resistance at 6,221.13 bps. Notable contributors included: CORNERS (+9.76%), MANSARD (+4.42%), and NPFMCRF (+1.92%).
Daily chart indicator analysis for NGXCSMG
The bullish volume closed strongly above its moving average, aligning with the market’s recovery phase. Also, MFI and RSI maintained their upward tragectory, indicating improved liquidity and momentu. Also, MACD closed with a divergence signal.
NGXIND: Industrial Sector Index
The industrial sector index gained 0.07%, closing at 11,126.33 bps. This performance validates the strength of the index’s support level at 11,045.83 bps. Also, it signifies the sustained investors’ interest in the sector.
Daily chart indicator analysis for NGXIND
The index sustained its bullish momentum, although it remained low. Also, the market liquidity and momentum maintained their recovery signal as MACD’s bearish momentum commenced its divergence signal
NGXOGSE: Oil & Gas Sector Index
On the daily chart, the oil and gas index shed 0.09%, closing at 5,629.69 bps. Despite this bearish sentiment, the index remained above its moving average. This performance indicates that investors are buying into value
Daily chart indicator analysis for NGXOGSE
The bearish volume closed moderately strong. However, money flow sustained its recovering momentum. Also, MACD maintained its divergence signal as RSI’s momentum closed solid. These performances indicate a strong recovery phase.
NGXINS: Insurance Sector Index
The insurance sector commenced its recovery phase, gaining 2.84%. During the intraday market, the index experience a 99% bullish sentiment and closed at 1,184.49 bps. This performance signifies the strong investors’ interest in this sector. Notable contributors included INTENEG (+9.89%), CORNERS (+9.76%), SOVRENI (+8.63%), PRESTIG (+7.97%), MBENEFI (+5.21%)
Daily chart indicator analysis for NGXINS
On the daily chart, the indicators signaled a strong recpvery phase. The market liquidity and momentum regained their strength. Also, MACD’s bearish momentum indicated divergence, aligning with the overall market sentiment.
FAQs
How did the NGXASI perform?
The NGXASI gained 1.06%, signaling a continuous recovery phase is on the horizon
How did the NGX banking sector index perform?
The NGXBNK experienced a subdued gain of 0.18%, closing with a bearish candlestick
How did the NGX consumer goods index perform?
The NGXCSMG also gained 0.23% as the market recovers
How did the NGX industrial sector index perform?
The NGXIND gained 0.07% above its support level, indicating the sustained interest in the sector
How did the NGX oil and gas sector index perform?
The NGXOGSE sustained its strength above the moving average after a strong bullish sentiment.
How did the NGX insurance sector index perform?
The NGXINS experienced a strong bullish sentiment, which commenced the index’s recovery phase.
