Nigeria Fear & Greed Index
What emotion is driving the Nigerian stock market? Four signals from NGX prices, combined into one score from 0 (extreme fear) to 100 (extreme greed). How it works →
History
What's driving it
Market momentum
The All-Share Index (244,956.94) is 0.49% above its 125-session average (243,754.15). That gap is near its weakest level in about four months.
Stock price strength
9 stocks are within 1% of their 52-week high and 12 within 1% of their low. The balance is in the middle of its range over the last four months.
Market breadth
Over the last 20 sessions, on average 2.1 more stocks fell than rose each day (16 up and 22 down in the latest session). That is in the middle of its range over the last four months.
Volatility
The ASI's annualised volatility is 7.00%. Calmer markets score towards greed; this level is among the calmest for the last four months.
How the NGX Fear & Greed Index works
What does it measure?
The mood of the Nigerian stock market, from NGX prices alone. Each of four signals is scored from 0 to 100 against its own range over the last four months (84 sessions), and the index is their average: 0–20 extreme fear, 20–40 fear, 40–60 neutral, 60–80 greed, 80–100 extreme greed.
The four signals
Momentum: the All-Share Index against its 125-session moving average. Stock price strength: stocks within 1% of their 52-week high minus those within 1% of their 52-week low (stocks that have not traded all year are left out). Breadth: the number of stocks that rose minus those that fell, averaged over 20 sessions. Volatility: how sharply the ASI moves (annualised, 30-session); calmer markets score towards greed.
Why can a rising market show fear?
Every signal is compared with its own last four months. If the ASI is still above its average but by less than at any time in four months, momentum scores low even though the market has gained. The index shows how today compares with the recent past, not whether prices are high or low.
How should I use it?
As a quick read on sentiment alongside company fundamentals, not as a signal to buy or sell. It is updated after every NGX session.