The Nigerian Stock Exchange (NSE) has been ranked among the top best stock exchanges in the world in the year 2017.
The Exchange, according to a research by CNN, ranked it among the top five best in the world and the only African exchange in the top five. Global investors have been bullish in 2017, leading to big stock market gains in countries like Argentina, Nigeria and Turkey.
The Nigerian All-Share index is still miles below record highs set in early 2008, but a 43 per cent rally in 2017 has helped to close the gap.
The index suffered mightily in 2015 and 2016 as low oil prices, militant attacks, currency troubles, elections and Ebola hit investor sentiment.
But oil prices have moved higher, the Central Bank of Nigeria (CBN) has made it easier to swap currencies and the economy has snapped out of recession, explained Zin Bekkali, founder and CEO of Silk Invest.
Many analysts are optimistic that stocks could keep rising in 2018.
“If you look at where we stand today, the Nigerian market is still one of the cheapest markets on the planet,” said Bekkali.
U.S. stocks were on a first-class ride into record territory in 2017. But they weren’t alone.
The value of public companies on global stock markets grew by $12.4 trillion in 2017, according to S&P Dow Jones Indices, which included dividends in its calculation. A number of markets even outperformed the U.S.
U.S. stocks were front and center as investors bet on strong economic growth, solid corporate earnings and hopes that President Trump would roll back regulations.
Trump also boosted markets with a big corporate tax cut. The country is in the midst of a startup revolution that’s giving young people choices and changing the face of the modern workforce
The Dow Jones industrial average shot up by 25 per cent, the S&P 500 surged by 20 per cent and the tech-heavy Nasdaq index outshined them with all with a stunning 29 per cent gain.
Argentina’s Merval index surged 73 per cent this year and hit a record high the day after Christmas.
The election of President Mauricio Macri in late 2015 proved to be a turning point: The economy is growing and stocks have rallied strongly. The Merval gained 45 per cent in 2016.
Macri pursued a number of economic reforms this year, helping to further boost business confidence.
The post 2017: Nigeria Ranks Among Top Five Global Stock Markets appeared first on Independent Nigeria.
Go to News Source
Author: Our Correspondents