a) Bulls

• A jobber buy shares when prices are low and hold them in anticipation that the price will rise and sell them at gain.

• When a market is dominated by bulls (buyers predominate sellers), it is said to be bullish. The share prices are generally rising.

• Therefore the market is characterized by an upward trend in security prices.

• It signifies investors confidence/optimism in the future of economy.

b) Bears

• A speculator/jobber who sells security on expectation of decline in prices in future.

• The intention is to buy same securities at lower prices in future thereby making a gain.

• When market is dominated by bears (sellers predominate buyers) it is said to be bearish.

• It is characterized by general downward trend in share prices. It signifies investors pessimism about the future prospects of the economy.

c) Stags

• This is a jobber found in primary markets

• He buys new securities offered to the public and believes that they are undervalued.

• He believes the price will rise and sell them at a gain to the ultimate investors

• Stags are vital because they ensure full subscription of the share issue.