Nigerian equities have overtaken South Korea’s stock market to become the world’s best-performing equity market in dollar terms this year, buoyed by macroeconomic reforms, improved foreign exchange liquidity and renewed investor confidence.
According to a Bloomberg report on Thursday, Nigeria’s benchmark stock index has returned 67 percent in dollar terms since the beginning of the year.
The performance edged South Korea’s Kospi index, which has gained 66 percent, among the 92 global stock exchanges tracked by the publication.
The report said South Korea lost its lead after the Kospi slipped into a technical bear market this week, falling 22 percent from its June 19 peak as investors reassessed the outlook for artificial intelligence (AI)-related stocks.
The South Korean won has also weakened 5 percent against the dollar this year, making it the fourth-worst-performing Asian currency.
In contrast, Bloomberg said Nigeria’s market has rallied on
