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Tuesday, April 23, 2024

NSE Set for Correction After Rallying 10% in a Month

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The Nigerian Stock Exchange (NSE) all share index is up 10.7 percent in a month with some individual names in the banking sector up more than 30 percent.

Stocks are nearing resistance in the form of the 200 day moving average bearing down from overhead near the 26,000 points mark, while potential support in the form of the 50 day moving average can be found at the 23,000 points level.

The Index closed trading at 25,166 points yesterday.

We believe upside is limited at these levels despite some bullish insider activity in recent times as a mild correction is due as fundamentals will begin to determine stock prices once the initial snap back rally from the Corona induced selloff lows fades.

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