Judah MD

🍎Results are out, save for a few who may be fined. Monday will be a very interesting day on NGX. The sell offs and the full bids. A jolly ride. Careful with selling your treasures and careful with buying at all time Highs except its high conviction. Dips’ll come someday

The stock market takes wealth from the impatient and transfers it to the patient.

Is the Nigerian stock market overpriced? Let’s talk about it. The market P/E ratio right now is 13.9x. The 3 year average is 9.4x. That means we’re trading about 48% above historical norms. Year to date, the market is up 55.69%. The ASI has risen over 740% since 2015 but company earnings didn’t grow anywhere close to that. So what’s driving this? Banks posted massive profits from FX revaluation when naira crashed. That money was a one time event, not real business growth. Then PenCom raised pension fund equity limits in February 2026, potentially unlocking N1.6 trillion for stocks. More money chasing the same stocks means higher prices, not better companies. What does this mean for you? The era of “buy anything on NGX and win” is done. From here, returns depend on actual company performance. You’re no longer buying at a discount. You’re paying fair to full value. Not saying don’t invest. Saying be selective. Focus on companies with real earnings growth and solid fundamentals. When prices rise faster than profits, be careful. That’s not pessimism. That’s math.

arsenal have found their level