NGX Bear Rally Yet To Confirm Buy Opportunities And Uptrend
The benchmark index of Nigeria’s equity market rebounded last week after massive selloffs and profit-taking in the previous week when it lost marginally, closing the period slightly down on improved buying sentiment and traded volume. The market is set to breakout the next strong resistance levels of 51,804.41bps to 52,000 mark that will confirm an uptrend ahead of the quarter and half-year end, even as the Q2 earnings reporting season draws closer.
The bear rally witnessed in the week under review signalled a buy range for the NGX and some stocks on the exchange, with the market rebounding and gaining momentum as investors could choose to add a little exposure by taking position in growth and value stocks that pulled back recently.
MAY & BAKER