Nigerian equities have overtaken South Korea’s Kospi to deliver the highest dollar-based returns among 92 global stock exchanges tracked by Bloomberg this year. The Nigerian benchmark index has returned 67% in dollar terms, edging past the Kospi’s 66% gain, as the South Korean index fell into a bear market this week after dropping 22% from its June 19 peak amid doubts over AI-stock demand. Nigerian stocks have rallied on macroeconomic reforms, higher oil prices, and improved foreign-exchange supply, with the naira strengthening 4% since January. Financial services firms led the gains, with Fortis Global Insurance Plc surging 1,400% in dollar terms. S&P Dow Jones Indices is considering upgrading Nigeria to frontier-market status, which may further boost investor appeal.
Apple Inc.Nigerian macroeconomic reforms and improved FX supply strengthen naira, making USD weaker relative to NGN
Fortis Global Insurance Plc surged 1,400% in dollar terms, leading financial services gains on reforms and higher oil prices