Trading in the Nigerian Exchange on Tuesday sustained the bullish momentum it exhibited on Monday as all sector indexes closed in the green zone, with the NGX-ASI up by 0.23% to close at 97,972.33 points.
As expected, the market capitalization also gained NGN136.3 billion, settling at N59.3 trillion just as the market breadth was positive at 1.46x, with 35 stocks advancing and 24 stocks declining in value at the end of the trading session.
Bancorp Securities Limited’s Daily Market Report indicated that WAPCO sustained its buy-in momentum for the second consecutive trading day, topping the gainers’ chart with a 10% increase in share price, followed by UNILEVER, which also appreciated by 10%.
However, the report reflected that in contrast, PZ led the losers’ chart with a 10% decline, followed by TIP, which fell by 8.70%.
According to the data from the equities market supervisory group, the Nigerian Exchange Group (NGX), mixed sentiment characterized the trading metrics today as total volume declined by 19.21%, settling at 333.9 million units, while total value traded rose by 20.33% to settle at N6.4 billion.
Also, the market UD ratio dropped to 1.36x from 1.64x in the previous session, indicating moderate intensity in volume advancers relative to decliners as evident in ACCESSCORP, which topped the volume and value charts for the day but recorded a 0.42% decline in share price.
The Bancorp Securities’ experts noted that the index trading above the 7-day (83,638.25), 20-day (92,884.20), and 50-day (95,906.79) moving averages indicated sustained bullish momentum, while the RSI at 54.01 reflects neutral-to-bullish sentiment with room for further upside.
The investment experts pointed out that while all indicators point to potential gains, investors should still trade cautiously ahead of tomorrow’s NTBills auction, as investors may seek attractive risk-free returns from the debt instrument market.
