The world-beating rally in Nigerian stocks may not be over yet.

The main equity index in Africa’s biggest economy has surged 12 per cent this year in dollar terms, the most among 96 major bourses tracked by Bloomberg, pushing it to the highest level since 2008. Dangote Cement Plc, controlled by Africa’s richest man, Aliko Dangote, and the largest company on the bourse, has climbed to a record high.

The advance will probably be sustained thanks to rising prices for oil, Nigeria’s main export, and as investors look to increase their holdings of what remain among the cheapest stocks in Africa, according to the asset management arm of South African lender FirstRand Ltd.

“For investors wanting more exposure to consumers in Africa and Nigeria, in particular, the outlook is good,” said Paul Clark, a money manager in Johannesburg at Ashburton Investments, which owns Nigerian stocks including Seplat Petroleum Development Co. “The banking sector is probably the most attractive at the moment, especially the tier-2 lenders.”

Nigerian stocks are leading the world so far this year. Foreign investors have been crucial in driving the market higher. The New York-based Global X MSCI Nigeria ETF attracted record weekly net inflows through Thursday. That helped to increase the exchange-traded fund’s market capitalization to almost $90 million, double the level in May last year.

read more:

https://newsworth.ng/nigerian-stocks-named-worlds-best-following-12-rise-fourteen-days/

We should rank higher for important things jare... Like security

tstx:
We should rank higher for important things jare... Like security

Let's wait until the Dullard resumes battering the economy fully again after mourning his ailing son.

He can always be trusted to run the indices they're cellaring back into the desert!