Market Index Sees Intraday Rally, Momentum Slows
The Nigerian Exchange (NGX) All Share Index, or market index, records moderate intraday gains as monster rallies appear to have started to fade.
The local bourse has seen a basis point uptrend during early trading hours on Tuesday. The much lower intraday gain signals a potential pullout, and a stock market correction is now in sight.
The local bourse has been on fire for about one month, reaching its all-time highs across key performance indicators, matching energy with global market performances.
At midday, the NGX All Share Index witnessed a marginal gain of 0.01%, Alpha Morgan Limited told investors in an emailed note, reflecting a bullish market sentiment.
Stockbrokers said this uptick was driven by investor interest in some mid to high capitalized stocks. Top gainers include JBERGER 9.99%, UCAP 2.63%, VFDGROUP 2.48%, ETI 1.21%, NB 0.13%, UBA 0.10%, among others. # Market Index Sees Intraday Rally, Momentum Slows. #Market Index Sees Intraday Rally, Momentum Slows#
