On Monday, the equity market maintained its upward trajectory, with investors making gains of N673 billion.


The All-Share Index and the exchange’s market capitalization increased by 1.30 percent at the end of trading to close at 95,768.12 basis points and N52.408tn, respectively.

Market participation decreased despite the positive trading, as the volume and value of traded units fell by 14.52 percent and 4.23 percent, respectively, to 721,813,844 units and N 14.407 billion.

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A negative sentiment in the market was evident in the 47 losers and 24 winners.

Based on the ASI’s current movement pattern, which they said indicated that the market was consistently in the overbought region, Cowry Assets analysts predicted a potential short-term pullback this week.

In response, Andrew Tsaku, Managing Director and Chief Executive Officer of Kapital Care Securities Ltd., discounted the forecasts as a typical market occurrence.

“We have seen growing interest beyond average pundits’ postulations at the beginning of the year,” he stated. “This is a case of bandwagon effect, with a burgeoning effect in spiral prices of fundamentally sound stocks with lingering effects on the less cherished ones alike!

“Our listed stocks are reflecting their intrinsic values more accurately and realistically than they have in a long time. Since I believe the market will continue to rise toward an index of 100,000 before there may be a “normalization,” I am not at all concerned with the state of the market as it is at the moment and would even prefer to welcome it.

Stocks with strong fundamentals will continue to hold their ground, but investors who ride along with the curve may eventually get cold feet. To avoid being caught napping when you should be “watching and praying,” one must “sit and watch over their eggs” in a rising market, as you never know when the curve will turn.