Nigerian equity markets fell again on Friday further extending downtrend to the sixth trading session in a row.
Week-on-week, the All-Share Index shed 633.32 absolute points, representing 2.42 percent slump to close at 25,537.54 points.
The market is currently trading at its 27-week low and has posted a consistence 5-week bearish streak.
Fig 1: NSE All Share Index YTD, RSI
Source: FT Markets Data
The broad market is now in oversold territory, the first time since January this year, according to its Relative Strength Index (RSI), which is now below the 20 mark (see chart).
The last time this happened in January, stocks rallied about 15 percent to the 26,000 points mark.
The index is below both its 50 day and 200 day moving average however and would need positive fundamental news to sustain any rally significantly.
PATRICK ATUANYA
