With N2.3trn Gain, Nigeria Leads Global Equities Rally

Nigeria is among the three best-performing stock markets globally. The market’s bullish run, which started last year with a full-year return of N4.36trillion gained N2.287trillion last month.

Average return at the Nigerian equities market stood at 15.95 per cent last month, equivalent to net capital gain of about N2.29 trillion. Average month-on-month at the Nigerian equities market more than doubled average returns in most advanced and emerging markets of America, Europe, Middle East and Africa.

The Nation’s economic intelligence report indicated that Venezuela, Ghana, Argentina and Nigeria were the four best-performing stock markets last month, according to global equities data provided by Bloomberg.

Venezuela, which led the global rally last month, remained atop the list with a one-month gain of 190.37 per cent. Ghana followed with average return of 19.28 per cent while Argentina placed third with 16.21 per cent.

Capital Bancorp Plc Managing Director, Mr Aigboje Higo, said the outlook for the Nigerian equities remains “strong and positive”, noting that while the market may fluctuate due to profit-taking in February, the month will end with a positive return.

He pointed out that most macroeconomic indicators including falling inflation rate, improving foreign exchange reserves, improving fiscal and monetary coordination, stable global crude oil price and corporate earnings will continue to create a rallying base for the Nigerian equities market.