Recent progress in Nigeria's stock market slowed as the NGX All Share Index neared its highs, possibly leading to profit-taking. The 120,000-point mark is a critical support level, which may help reduce downside risks. Sectoral performance was mostly positive, with nine sectors advancing, including commercial services and consumer durables. However, investor sentiment remains cautious, as blue-chip stocks experienced stagnant performance. Upcoming GDP growth figures and US trade policy developments may influence market sentiment and risk appetite significantly.
The NGX All Share Index's approach to recent highs has led to potential profit-taking and a cautious sentiment among investors.
The 120,000-point mark serves as a critical support level, helping to mitigate downside risks in Nigeria's stock market.
Sectoral performance remained mostly positive, with nine sectors advancing led by commercial services, consumer durables, and technology services.
Investor sentiment is cautious, particularly affecting blue-chip stocks like BUA Foods, MTN Nigeria Communications, and Dangote Cement, which reported stagnant performance.
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