Nigeria stocks among world’s best performers

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The New York-based financial software, data, and Media Company revealed that net foreign inflows to Nigerian equities equaled N337 billion ($940 million) last year, the first time flows is positive since 2013 which puts Nigeria’s stocks among the world’s best performers in the past four months.

Analysts say the good performance was as a result of foreign investors input. They added that December 2017 was the best month since compiling data at the beginning of 2014, with net inflows of N140 billion, signaling a switch in sentiment toward equities in Africa’s biggest oil producer.

The finance media company disclosed that foreign investors were heavy buyers of Nigerian shares last year. According to them “Nigerian equities have gained in allure for international traders, thanks to the rise in Brent crude prices to around 70 dollars a barrel and an easing of dollar shortages, which are helping Africa’s largest economy recover from its worst slump in 25 years’’.

The media company also said, “The turnaround has seen investors pile into the New York-based Global X MSCI Nigeria ETF this year, stating that this increased the exchange-traded fund’s market capitalisation to almost $100 million, triple the size a year ago,”.

They maintained that the advancement would be sustained if there is an increase in oil prices, which is Nigeria’s main export.

 

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