Nigeria ETF NGE

Nigeria ETF closed down by -6.75% to 11.19 on 23 January 2021 and +-10.19% on a weekly basis. Nigeria ETF momentum was last calculated at -50.0/100 indicating negative momentum. Nigeria ETF trend is +25.0/100 indicating a positive trend. Nigeria ETF momentum exhaustion is 0.50922 indicating Nigeria ETF is oversold.Nigeria ETF RSI is 46.5088 .

Nigeria ETF NGE Chart

Nigeria ETF NGE

Nigeria ETF NGE Statistics

MacroVar multi-factor statistical models monitor financial factors which are used to analyze and predict the Nigeria ETF. Click here to explore the financial factors monitored and their current signals.

Click here to explore the methodology used for estimating the Nigeria ETF trading signals presented in the Nigeria ETF statistics table.

Security Symbol Last Momentum Trend Oscillator RSI 1D% 1W% 1M% 1Y%
Nigeria ETF NGE 11.19 -0.5 0.25 0.50922 46.5088 -6.75 -10.19 -8.8 -0.18826

Nigeria ETF closed at 11.19 on 23 January 2021. Nigeria ETF trend was last calculated at +25.0/100 (range: -100 to +100) indicating a positive trend based on MacroVar models. Nigeria ETF momentum was last calculated at -50.0/100 (range: -100 to +100) indicating negative momentum. Nigeria ETF momentum exhaustion is 0.50922 (normal range: -2.5 to +2.5, overbought values: greater than 2.5, oversold values: less than 2.5) indicating Nigeria ETF is oversold and a possible reversal is imminent. Nigeria ETF RSI was last calculated at 46.5088. Nigeria ETF moving averages were last recorded as follows: 1-month moving average: 11.539 in a downtrend , 1-quarter moving average: 11.2403 in an uptrend and 1-year moving average: 10.4128 in a downtrend. Nigeria ETF annual return was last recorded at None%, daily return was last recorded at -6.75%, and weekly return was last recorded at -10.19%. Nigeria ETF histrorical 20-day volatility was last recorded at 20.4216%, Nigeria ETF alpha None, Nigeria ETF beta None and Nigeria ETF maximum drawdown was recorded at None%. MacroVar models monitor Nigeria ETF statistics based on historical data since 1970.

Nigeria ETF NGE News

Nigeria ETF Factors

Nigeria ETF

Factor Symbol Last Value Predicted Value R2 MacroVar Signal
Nigeria PMI vs ETF NG.FACT.ETFPMI 11.35 34.8127 1.29748

Nigeria ETF related Indicators

Nigeria ETF

Security Type Symbol Last Momentum Trend Oscillator RSI 1D% 1W% 1M% 1Y%
NSE All Share Index Stock Index ALLSHARE 37952.7 1 1 2.61206 88.9837 0.25 -1.88 -2.72 0.41038
Nigeria PMI vs ETF ETF vs PMI Factor NG.FACT.ETFPMI 11.35

Nigeria Markets

Market Symbol Last Mom Trend Exh RSI 1D% 1W% 1M% 1Y%
FTSE/JSE Top 40 JTOPI 60502.4 0 0.75 1.22422 56.7516 -2.03 1.24 -2.16 0.04909
South Africa ETF EZA 47.68 0 0.25 1.00217 52.0663 -2.03 -1.28 -6.05 -0.09568
South African Rand US Dollar (ZAR/USD) ZARUSD 14.57 -0.5 -0.75 -1.49972 39.1807 0.63 2.5 2.39 0.02077
South Africa 10-Year Bond Yield ZA.10Y 8.95 -1 -0.75 -0.99626 36.539 -0.06 0.67 -2.93 0.04903
South Africa 5-Year Bond Yield ZA.5Y 7.5 -1 -1 -1.19368 26.5247 -0.92 1.21 2.74 -0.18613
South Africa 2-Year Bond Yield SA.2Y 5.18 -1 -0.75 -0.88899 40.2687 -0.19 0 9.51 -0.33005
South Africa Yield Curve SA.YC 3.78 0 -0.25 0.15664 45.17 0.4 1.89 -16.46 1.70701
South Africa Credit Default Swaps CDS.South-Africa 201 -1 -0.75 -1.023 38.4864 2.03 8.06 -5.63 0.29898

Nigeria Economic Indicators

Indicator Actual Previous M/M% Y/Y% Trend Slope ZS5Y Update
balance of trade 11828.6 33064.8 -0.64226 -5.37853 -1.0 1.0 0.0666667 2021-01-31
bank lending rate 7 7.25 -0.0344828 -0.3 -1.0 -1.0 0.0166667 2020-07-31
banks balance sheet 6490710 6429640 0.0094982 -0.00808422 -1.0 -1.0 0.05 2021-05-31
business confidence 50 35 0.428571 0.25 1.0 1.0 0.875 2021-03-01
capacity utilization 74.6 78.1 -0.0448143 -0.0824108 -1.0 -1.0 0.1 2021-01-01
car registrations 24482 24122 0.0149241 0.27977 1.0 1.0 0.966667 2021-06-30
central bank balance sheet 886166 846974 0.046273 -0.126956 -1.0 -1.0 0.1 2021-06-30
composite pmi 51 53.2 -0.0413534 0.2 1.0 1.0 0.966667 2021-06-30
consumer confidence -13 -9 0.444444 -1.59091 -1.0 -1.0 0.283333 2021-04-01
consumer price index cpi 120.2 120.1 0.000832639 0.0516185 1.0 1.0 0.783333 2021-05-31
core inflation rate 3.1 3 0.0333333 0 -1.0 -1.0 0.783333 2021-05-31
current account 267348 197818 0.351485 -2.21854 1.0 1.0 0.05 2021-03-01
current account to gdp 2.2 -3 -1.73333 -1.30556 1.0 1.0 0 2019-02-28
deposit interest rate 3.77 3.74 0.00802139 -0.281905 -1.0 -1.0 0.2 2021-04-30
exports 161473 168286 -0.0404847 2.12614 1.0 1.0 0.983333 2021-04-30
external debt 164726 170836 -0.0357653 -0.101032 -1.0 -1.0 0.0333333 2021-01-01
fiscal expenditure 114102 160210 -0.287797 -0.0465519 -1.0 -1.0 0.166667 2021-05-31
foreign direct investment 6138 16010 -0.616615 -0.341699 -1.0 -1.0 0.483333 2021-01-31
foreign exchange reserves 54473 54139 0.0061693 0.0411506 -1.0 1.0 0.6 2021-06-30
gdp 351.432 368.289 -0.0457711 0.173729 1.0 1.0 0 2019-01-31
Real GDP 2933980 2578670 0.137788 -0.0637778 -1.0 -1.0 0.0333333 2020-09-01
gdp growth 4.6 5.8 -0.206897 -2.7037 1.0 1.0 0.0666667 2021-01-01
gdp growth annual -3.2 -4.2 -0.238095 -3.28571 -1.0 -1.0 0.0833333 2021-01-01
gold reserves 125.35 125.31 0.000319208 0.000558748 1.0 1.0 0.116667 2020-08-01
government budget -12.3 -6.7 0.835821 11.3 -1.0 -1.0 0 2020-01-31
Government budget -17928 -74457 -0.759217 -0.65325 1.0 1.0 0.166667 2021-05-31
government debt 76176 78295 -0.0270643 -0.0602633 1.0 -1.0 0.0833333 2021-01-01
government debt to gdp 83 62.2 0.334405 1.98561 1.0 1.0 0 2019-02-28
government revenues 96174 85754 0.12151 0.414948 -1.0 1.0 1 2021-05-31
housing index 544.475 539.711 0.00882695 0.0917799 1.0 1.0 0.983333 2016-11-30
imports 110230 115517 -0.0457682 0.25217 1.0 1.0 0.966667 2021-04-30
industrial production 35.3 88.1 -0.599319 -2.09288 1.0 1.0 0.4 2021-05-31
industrial production mom -2.6 -1.2 1.16667 -1.09286 -1.0 -1.0 0.466667 2021-05-31
inflation cpi 5.2 4.4 0.181818 1.47619 1.0 1.0 1 2021-05-31
interbank rate 3.68 3.68 0 0.0027248 1.0 1.0 0.766667 2021-06-02
interest rate 3.5 3.5 0 -0.333333 -1.0 -1.0 0.2 2021-05-20
loans to private sector 3986900 3958370 0.00720751 -0.00694434 1.0 -1.0 0.05 2021-05-31
manufacturing pmi 57.4 57.8 -0.00692042 0.0649351 1.0 1.0 0.666667 2021-06-30
money supply m0 294734 286346 0.0292932 0.0386552 -1.0 1.0 0.133333 2021-06-30
money supply m1 2231700 2196440 0.0160533 0.0859431 1.0 1.0 0.533333 2021-05-31
money supply m2 3447480 3465050 -0.00507063 0.0368361 1.0 1.0 0.0666667 2021-05-31
money supply m3 4142360 4111730 0.00744942 0.0170342 1.0 1.0 0.0166667 2021-04-30
Producer Price Index 103.9 103.5 0.00386473 0.0744571 1.0 1.0 1 2021-05-31
PPI Index 7.4 6.7 0.104478 23.6667 1.0 1.0 1 2021-05-31
retail sales MoM 2.1 -0.6 -4.5 -1.04251 -1.0 1.0 0.583333 2021-05-31
retail sales 15.8 95.7 -0.834901 -2.32773 1.0 1.0 0.216667 2021-05-31
total vehicle sales 38030 38337 -0.00800793 0.201884 1.0 1.0 0.95 2021-06-30
unemployment rate 32.6 32.5 0.00307692 0.220974 1.0 1.0 0 2021-01-01
youth unemployment rate 63.3 63.2 0.00158228 0.208015 1.0 1.0 0 2021-01-01
Lending Rate 10 10 0 -0.0243902 -1.0 -1.0 0 2020-01-31

Nigeria ETF Trading Signals


MacroVar estimates the following signals: Nigeria ETF momentum, Nigeria ETF trend, Nigeria ETF oscillator, Nigeria ETF RSI and Nigeria ETF returns.

Nigeria ETF Momentum

Momentum trading is used to capture moves in shorter timeframes than trends. Momentum is the relative change occurring in markets. Relative change is different to a trend. A long-term trend can be up but the short-term momentum of a specific market can be 0. If a market moves down and then moves up and then moves back down the net relative change in price is 0. That means momentum is 0. A short-term positive momentum, with a long-term downtrend results in markets with no momentum.

MacroVarNigeria ETF momentum signal ranges from -100 to +100. The Nigeria ETF momentum signal is derived as the mean value from 4 calculations for the Nigeria ETF. The timeframes monitored are the following: 1 Day (1 trading day), 1 Week (5 trading days), 1 Month (20 trading days), 3 Months (60 trading days)
For each timeframe, the following calculations are performed: 1. Nigeria ETF return is calculated for the specific timeframe and 2. if the return calculated is higher than 0, signal value output is 1 else signal value is -1. Nigeria ETF NGE momentum signal is the aggregate of the the 4 values. A technical momentum rollover is identified when Nigeria ETF momentum signal moves from positive to negative value or vice-versa.

Nigeria ETF trend

Nigeria ETF trend signal ranges from -100 to +100. Nigeria ETF trend indicator is the mean value of the 8 calculations described below. The timeframes monitored are the following: 1-month (20 trading days), 3-months (60 trading days), 6-months (125 trading days), 1-year (250 trading days)
For each timeframe, the following calculations are performed: 1. Nigeria ETF Closing price vs Nigeria ETF moving average (MA) calculation: If Nigeria ETF is greater than Nigeria ETF MA value is +1, else -1, 2. Nigeria ETF Moving average slope calculation: if current Nigeria ETF moving average is higher than the previous MA, Nigeria ETF upward slope +1, else -1
Nigeria ETF trend model can be used as a trend strength indicator. Nigeria ETF trend strength values ranging between +75 and +100 or -75 and -100 show strong trend strength.
A technical trend rollover is identified when Nigeria ETF trend strength indicator moves from positive to negative value or vice-versa.

The most important trend indicator
The Nigeria ETF 52-week simple moving average and its slope are the most important indicators defining a market’s trend. Nigeria ETF is in an uptrend when Nigeria ETF price is higher than the 52-week moving average and the Nigeria ETF 52-week moving average has an upward slope. If fundamentals of the market have not changed and the moving average slope is still in uptrend, a price drop signifies a market correction and not a change of trend. Traders should watch oscillators like the Nigeria ETF oscillator and Nigeria ETF RSI to buy the dip and still follow the trend. The moving average slope turn signifies a change of trend.

Nigeria ETF oscillator

The Nigeria ETF oscillator estimated by MacroVar is the z-score of the current Nigeria ETF price versus Nigeria ETF 1-year simple moving average price. The formula for the Nigeria ETF oscillator is:
Nigeria ETF oscillator = (Current Price – 250 trading days Nigeria ETF simple moving average price) / (250 days Nigeria ETF price standard deviation)

Nigeria ETF oversold conditions
Nigeria ETF is oversold when it is subject to a persistent downward pressure due to extreme fund outflows. When the Nigeria ETF is oversold it is often due for a rebound. Values of the Nigeria ETF oscillator lower than -2.5 signify oversold conditions. It must be noted that the Nigeria ETF oscillator must be analyzed ibn conjunction with the rest of Nigeria ETF quantitative factors. Traders should pay less attention to overbought or oversold conditions during strong trends. They should pay close attention during counter trends and all combined with the Nigeria ETF RSI.
Nigeria ETF overbought conditions
Nigeria ETF is overbought when it is subject to a persistent upward pressure due to extreme fund inflows. When the Nigeria ETF is overbought it is often due for a correction. Values of the Nigeria ETF oscillator higher than +2.5 signify overbought conditions. It must be noted that the MacroVar oscillator must be compared to the rest of the Nigeria ETF quantitative factors. Traders should pay less attention to overbought or oversold conditions during strong trends. They should pay close attention during counter trends and all combined with the RSI.

Nigeria ETF RSI indicator

The RSI indicator measures the speed and change of price movements. The RSI indicator oscillates between 0 and 100. RSI is a useful indicator during normal trending market conditions when an asset price oscillates around its trend value. During big moves and strong trends however, like short squeezes or price spikes RSI and other oscillators don’t work.
During normal trend market conditions and when Nigeria ETF is in a downtrend RSI values between 50-60 signify overbought conditions before the downtrend is ready to resume. During Nigeria ETF uptrend, RSI values of 40 to 50 signify oversold conditions before the uptrend is ready to resume. It is strongly not recommended to enter a position when the RSI is “overbought” and falling or vice versa.

Nigeria ETF returns

MacroVar calculates Nigeria ETF returns for the following timeframes: Daily, Weekly, Monthly, Yearly. The formula for calculating returns is:

Nigeria ETF returns = (Nigeria ETF Closing Price – Nigeria ETF Previous Price)/(Nigeria ETF Previous Price)
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