Equities trading on Nigerian Exchange Limited (NGX) opened this week on a positive note as increased buy-side activities pushed stock value higher by N10 billion on Monday, December 12.
Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its Market Capitalisation increased by 0.04percent or N10billion from the preceding day’s 48,881.93 points and N26.624trillion respectively to 48,899.08 points and N26.634trillion.
The market has risen by 2.60 percent month-to-date (MtD). Year-to-date (YtD), the stock market has increased by 14.47 percent.
Access Corporation, Jaiz Bank, GTCO, FBN Holdings and FCMB were top-5 traded stocks on Monday.
In 3,334 deals, investors exchanged 236,586,269 shares valued at N2.517 billion.
“At current levels, we consider the market steeply overbought in the short term with Relative Strength Index (RSI) of 79.4 as well as trading close to its upper Bollinger limit. In addition, MACD level and signal lines indicate slowing momentum in the recent bullish run.
“Lastly, the profit-taking activities in the Banking sector (following recent rally) indicates investors are shifting towards profit-taking mood as we approach the end of the year,” United Capital Research said in their December 12 investment view.