Nigerian equities surged at the weekend, propelling the country to become the world’s second best-performing stock market, up from its previous third-place position in the global rankings.
According to global stock data tracked by The Nation’s Market Intelligence, African markets dominated the list of the top 10 best-performing markets, with Ghana leading with an impressive average year-to-date return of 39.8%.
Nigeria recorded a weekly gain of 0.21% with a turnover of N45.9 billion, ending the weekend with an average return of 31.68%, securing the second spot worldwide. Turkiye, which had previously led the global chart, now ranks third with an average return of 29.9% for the year.
These rankings include key stock markets from advanced, emerging, and frontier economies, such as the United States, United Kingdom, Germany, Japan, and France. The African markets included Nigeria, South Africa, Kenya, Morocco, Ghana, Egypt, and Mauritius.
Ghana’s GSE Composite Index reported a 39.8% return, followed closely by Nigeria’s All Share Index (ASI) with 31.68%, and Turkiye’s BIST 100 Index with 29.9%. Egypt ranked fourth with its EGX 30 Index yielding a 25.6% return, while Hong Kong’s Hang Seng Index posted a 21.0% return. The United States’ S&P 500 and Nasdaq Indexes registered average returns of 20.6% and 21.1%, respectively.
Other notable top performers included Morocco’s Casablanca Masi Index (19.3%), Japan’s Nikkei 225 Index (19.0%), India’s BSE Sensex (18.5%), and Kenya’s Nairobi Stock Exchange (NSE)
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