The all-share index, which indicates the general market movement of stocks on the NGX, has hit several record levels since the middle of last year.
What could be the propelling force of an equity market that has almost doubled in value in eight months when other key macroeconomic indicators like inflation, exchange rate, and lending rates are pretty much grim?
For this reason, pension managers and institutional investors were inclined to reallocate some of the assets in their portfolios and direct the proceeds to stocks, which were offering more attractive yields. The strong performance of bank stocks “will definitely continue to spur significant upside” in them, Mr Sole added.
“Today, I will say we have a situation where a lot of portfolio investors are very interested in coming back to the Nigerian market. It’s incredible,” Mr Cardoso said during an interview with Arise TV aired on Monday.