NGX Market Summary – Tuesday, April 22, 2025

The NGX All Share Index (ASI) closed today up by 0.49% to 104,233.81, modestly extending the YTD gains to 1.52%.
Market breadth was robust at 1.83x with advancers clearly outpacing decliners (44 vs. 24), and the day was marked by active trading in brewers and select insurance names.
However, overall market turnover tapered off by -14.70% to ₦6.33B, and trading volume slipped slightly to 340.60M shares.
Notably, sector rotation and clear divergences were evident in the banking and insurance sectors. Contrarian and momentum signals are flashing in several names, offering trading opportunities as well as caution flags.

Key Insights & Noteworthy Trends

• Market Breadth: Bullish bias continues with advancing stocks strongly outnumbering decliners (44:24). Insurance and breweries led upside moves.
• Turnover: The -14.7% dip in turnover, despite robust market breadth, signals some profit-taking and potential investor caution. Short-term volume cooling may precede directional moves.
• YTD Top Gainers & Losers – Last 5 Trading Days
  

  Symbol	Name	Price	5D%	YTD%	RSI	Div Yield	Beta	Tech Outlook
  ABBEYBDS	ABBEY BUILDING SOCIETY PLC	9.76	8.93%	225.33%	99.82	1.43%	0.70	Strong Overbought, Multi-month High
  TIP	THE INITIATES PLC	4.55	9.89%	100.0%	61.52	0.00%	0.00	Momentum Positive
  NB	NIGERIAN BREW. PLC.	39.80	9.94%	24.38%	72.06	3.79%	0.78	RSI Overbought, Unusual Volume
  INTBREW	INTERNATIONAL BREWERIES PLC.	6.05	10.00%	10.00%	63.71	6.23%	1.04	MACD Bullish, Volume Spike
  JAPAULGOLD	JAPAUL GOLD & VENTURES PLC	2.13	9.79%	-0.47%	50.52	0.90%	1.92	Mixed: Price Rally, YTD Negative

• YTD Top Losers (5-Day Window)
  

  Symbol	Name	Price	5D%	YTD%	RSI	Div Yield	Beta	Tech Outlook
  INTENEGINS	INTL ENERGY INSURANCE	1.34	-9.46%	-28.34%	32.75	3.40%	0.01	Low RSI, Bearish
  NSLTECH	SECURE ELEC TECH	0.51	-8.93%	-26.09%	49.19	15.87%	0.67	Bearish, High Yield
  UPL	UNIVERSITY PRESS	3.10	-8.82%	-19.48%	13.45	0.60%	0.47	Oversold, Under Pressure
  VETGRIF30	VETIVA GRIFFIN 30 ETF	36.90	-8.21%	-2.25%	46.74	0.00%	0.71	Neutral, Weak Support
  FTNCOCOA	FTN COCOA PROCESSORS	1.75	-7.41%	-6.91%	59.43	1.60%	0.78	Volatile, At Key Level

• Unusual Volume & Standout Trades
  • CHAMS: Trades at 308% of 90DMA volume, price +1.47% → Possible institutional accumulation / breakout play.
  • INTBREW: Volume more than doubled, price up 10% → Uptrend with improving sentiment.
  • NB: Massive 9.94% price surge on 114% above average volume, RSI 72.06 (overbought) → Potential for short-term mean reversion or further run fueled by momentum.
  • ABBEYBDS: Entered parabolic territory: 225% YTD gain, volume up over 2242% of 90DMA → Caution warranted.
• Momentum Table Snapshots
  • 15DMA Cross Above: SOVRENINS, NEM, CHAMPION, UACN, CHAMS, CUSTODIAN – insurance sector strength reinforced!
  • Bullish RSI > 70: ABBEYBDS (99.82), NB (72.06) – extremely overbought, profit-taking risk rises.
  • 15DMA Cross Below (Bearish): FIDELITYBK, STERLINGNG, WAPIC, NSLTECH, DEAPCAP → selective banking names under pressure.
  • Bearish RSI < 30: UPL (13.45), CAP (2.34) – severe oversold conditions, potential for tactical bounce if volume reverses.

Sector Heatmap

Dividend-Beta Matrix: Defensive Stock Scan

Institutional Clustering Alerts

• ZENITHBANK – Holds 13.59% of institutional trade value share. Substantial institutional interest—traders should watch for spillover effects following large block trades.
  ACCESSCORP, FIDELITYBK – Together with ZENITH, dominate top 3 for institutional volume. However, technicals in FIDELITY and ZENITHBANK are weakening; caution if institutional sell pressure intensifies.

Contrarian Signals

• NB (Nigerian Breweries): RSI above 70 (72.06), but price is at a 5-day high with exceptionally strong volume—momentum is peaking, but could quickly reverse if traders rotate out. Momentum chasers beware.
• CHAMPION: RSI is neutral (44.81), but MACD shows mild positive cross and price is above the 15DMA—stock is rising despite muted momentum readings.
• CORNERST (Cornerstone Ins.): Oversold RSI (26.85) yet strong 5-day price gain (+9.65%); may soon run out of steam, possible mean reversion snapback.
• NSLTECH: Extremely high dividend yield (15.87%), but bearish momentum (price below 15DMA, downtrend persists). Beware "yield traps."
• UPL: RSI deeply oversold (13.45) and sustained selloff may prompt value bargain hunting if volume stabilizes.

Market Activity and Trades Summary

• Retail vs. Institutional:
  • Retail dominated trade count (89.8%), but institutions accounted for 64.3% of volume and 83.2% of trade value.
  • Top Institutional Traded: ACCESSCORP, ZENITHBANK, FIDELITYBK, GTCO, UBA – major banks, indicating institutions are tactically rotating capital among tier-1 names.
  • Top Retail Traded: ACCESSCORP, ZENITHBANK, UBA, GTCO, FIRSTHOLDCO — substantial retail participation mirrors institutional activity in financials.
  • Banking sector remains market anchor for both retail and institutional flows, but technical signals now mixed to negative.
• Patterns: High institutional concentration in ACCESSCORP and ZENITHBANK, but weakening technicals suggest watching for institutional risk-off moves, especially if sector leadership wobbles.

Trader Suggestions & Opportunities

• Momentum Long: NEM, SOVRENINS, INTBREW — all with positive 15DMA cross, solid dividend yields, and sector breadth. Trailing stops advised due to strong runups and possible overbought signals.
• Mean Reversion / Tactical Short: NB (overbought with RSI>70 and huge vol), ABBEYBDS (hyperextended), CORNERST (bull rally but RSI now oversold territory).
• Contrarian Potential Long: UPL (ultra-low RSI), FIDELITYBK (recent support), if volume stabilizes or reverses.
• Yield-focused Investors: NSLTECH, despite negative momentum, offers top yield for risk-tolerant balanced portfolios but is high risk; watch for base formation signals.
• Sector Rotation: Insurance names (NEM, SOVRENINS) are outperforming and have defensive profiles; monitor for follow-through.
• Caution on Banking Heavyweights: Technicals are weakening in major banks (ZENITH, GTCO, FIDELITYBK), though volume remains large from both institutional and retail participants. Watch for confirmation before aggressive positions.

Currency Market Note

The Naira continued to soften, falling -0.05% to 1,605/$; currency weakness could start to weigh on equities (especially import-heavy sectors) if trend accelerates.

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