The strange absence of the institutional investor

July 6, 2020/Coronation Report

From time to time we notice equity markets taking a pause, trading sideways for a month, before launching again upwards or downwards.

One of the ways to measure the health of an equity market is its turnover. The Nigerian equity market’s turnover has been trending downwards recently, prompting the question: “Where is the institutional investor?” The answer might be: “Presumably, buying long-dated bonds, rather than equities.

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