Nasdaq listing, 1 Year on., page-53

https://www.copyright link/markets/equity-markets/australian-shares-off-to-a-flyer-in-2023-20230123-p5ceq0#:~:text=%E2%80%9CWhile%20lower%20than%20the%20current,in%202023%2C%E2%80%9D%20he%20said.

First paragraph says:

"The Australian sharemarket has posted its second-best start to a year in at least three decades as optimism grows inflation will peak lower than the Reserve Bank’s 8 per cent forecast for the December quarter".

I have shares that have gone from $2 to $6 since the turn of the new year...

So I'd say (not that I am an expert), it's not about an overall macro market, I do feel new would be investors don't see a reason to buy in (yet).. But again, whatdoIknow ! all imho.