The picture above depicts the surge in the value of the Nigerian Stock Market in the last one year. Yesterday, the Nigerian stock market All Share Index reached a 59week high of about 24,000. What is causing this? Operators point to the direction of banking stocks which has also seen tremendous increase in value over the past 3months or so rising 36% year to date. But is that really why? I think not! Portfolio investments may be the reason why. Foreign Investors have been pouring in money into the equities market lately seeking to benefit from the very low P.E ratios posted by most stocks. Problem however is that this bullishness often leads to a prolonged bearishness. The foreign investors will soon sell off enmasse as they reap profits. For those hoping to invest now and hold hold in the short term, best of luck.