NGX Market Daily Summary - may 5th

NGX Market Daily Summary

Date: Monday, May 5, 2025

Source: Nigerian Exchange (NGX)

Market Recap

The Nigerian market kicked off the week on a positive note!

NGX All-Share Index (ASI) rose by 0.62% to close at 106,042.57, bringing the year-to-date gain to 3.41%.

Despite the bullish sentiment, trading volume dipped by -18.4% while turnover declined -4.04% to ₦12.75B.

Key Takeaway: Momentum is high, but investors remain cautious, with strong interest in select sectors like Banking and Energy.

? Market Breadth:

 • Advancers: 35

 • Decliners: 33

 • Breadth Ratio: 1.06x (Modestly bullish)

 • Volume Increase: 55 stocks

 • Volume Decline: 84 stocks

Top Gainers ?

 1. BETA GLASS (BETAGLAS): +9.97% to ₦120.75

 • RSI: 98.4 (Extremely overbought)

 • YTD: +86.06%

 • ⚠️ Hot momentum, but technicals suggest caution.

 2. THE INITIATES PLC (TIP): +9.90% to ₦5.44

 • YTD: +117.60%

 • RSI: 63.4

 3. CADBURY NIGERIA: +9.87%

 • YTD: +63.02%

 • RSI: 71 (Overbought)

 4. CAVERTON: +9.77%

 • YTD: +14.51%

 • DivY: 5.52%

 5. MULTIVERSE: +9.45%

 • RSI: 6.2 (⚠️ Deeply oversold — unusual for a top gainer!)

Top Losers ?

 1. ETI (Ecobank): -9.62% to ₦23.5

 • RSI: 34.7

 • YTD: -16.07%

 2. LOTUS HALAL ETF: -8.86%

 • RSI: 76.4 — Overbought despite poor performance

 3. MEYER PLC: -6.70%

 • RSI: 96.6 (Contradictory: extremely overbought + sharp loss)

 4. CUSTODIAN: -4.72%

 5. MBENEFIT: -4.49%

 • RSI: 55.7 — Weak momentum

Traders’ Insights & Market Signals

 • Turnover Dip: A -4.04% decline in value turnover alongside positive breadth hints at selective buying — likely institutional accumulation in high-conviction names.

 • Volume Clues:

 • FIRST HOLDCO: 973% spike in volume, but price down (-0.4%) — possibly profit-taking or institutional exit

 • GTCO: 376% of average volume, price -0.86% — big trades, low retail support

 • CWG: +745% volume and +5.91% gain — likely fresh institutional entry

Momentum Watch ⚡

 • Overbought Stocks: BETAGLAS (RSI 98.36), PRESCO (RSI 99.99), MEYER (RSI 96.6)

 • Could trigger short-term profit-taking

 • Bearish Signals: Banks like ZENITHBANK, CUSTODIAN, and MBENEFIT showing weak RSI & slipping below 15-day MAs

 • ETI remains under pressure both daily and YTD

Contrarian Signals

 • MULTIVERSE: +9.45% with RSI 6.2 — may indicate a short-covering rally or odd bounce

 • MEYER: Heavy loss despite high RSI — could precede further drop

 • LOTUS HALAL ETF: -8.86% despite RSI 76 — overbought correction?