According to BGL Securities, an investment bank, Nigeria’s NSE All-Share index is still “fundamentally strong” and “sound,” and that the recent rally was “a result of renewed confidence and thrust by both local and foreign investors.” Specifically, per Henry Laraiyetan, BGL Capital Management’s executive director, liquidity easing helped to bring to light not only the value-investment potentials of under-priced stocks, but it also preceded a reduction in interest rates and the monetary policy rate (MPR) from 9.75% to 8%, and lead to strong corporate performance by listed companies and a renewal of investors’ confidence in the market. Said Laraiyetan: “It is instructive that despite the downturn in 2008, the Nigerian Stock Exchange remained four times more valuable than it was 10 years ago. In the immediate term, we expect further bouts of price upswings, which will open trading losses. The large price slides also present unique investment opportunities if prospective value investors have fresh funds available.”