What goes up, went the stock market slogan from Zenith Bank, just keeps going up. A classic expression of bubble sentiment, the belief took hold in Nigeria last year as the market rocketed upwards to become one of the best performing in the world.
In the past three months, however, passions have cooled, prices have fallen, and no one now expects a repeat of last year’s 75 per cent rise in share prices. But at the same time a significant split has occurred: whereas most analysts once held broadly similar views on the market, opinions are now divided into two distinct camps.
