The Nigerian stock market has witnessed a surge in recent months, with the number of companies boasting Stocks Worth Over ₦1 trillion ($688 million) or SWOOTs, reportedly increasing from eight to 14. This surge, fueled by an uptick in Nigerian banks’ share prices, reflects a notable shift in investor sentiment towards the African giant’s equities market. Investors have flocked to the Nigerian stock market seeking returns, which has led to its all-share index (ASI) appreciating by 11% or 8,269 basis points in the first two weeks of the year. This bullish sentiment propelled Nigeria to the forefront as the best-performing stock market in the world in the first three weeks of the year with the Nigerian Exchange (NGX) gaining a year-to-date (YTD) return of 40%.

Source: Forbes May 11, 2024 04:01 UTC