Nigeria's Stocks Beat South Africa, Ghana Others to Rank Best Performing in Africa as Investors share N5.4trn
- Checks by Legit.ng have revealed that Nigeria's stocks rank number one among the best performing in Africa
- These best performing African stock markets are scattered across the continent, from Namibia to Morocco and Tanzania
- In Africa, there are 29 stock exchanges that attract local and foreign investors from across the world
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Patient investors who endured long periods of the downturn on the Nigerian Exchange Limited (NGX).) when the year kicked off are now smiling to the bank.
Data shows NGX from January to date has rewarded investors with a 24 per cent average return, which is the highest among other African stocks this year.
In fact, Nigerian stocks, on average, boast double the return of the second-best performing stock market – the Lusaka Securities Exchange in Zambia which gained 12%, according to data from Financial Times.
Source: Facebook
There are 29 exchanges in Africa, representing 38 nations' capital markets. The Johannesburg Stock Exchange, is considered the largest stock exchange in Africa.
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How does Nigeria's stock perform compare to peers
With a return of 24 percent since the beginning of the year, NGX has left other African markets in its wake, BusinessDay said.
The NGX outperformed the Johannesburg Exchange (6.1 percent) to the Egyptian Stock Exchange (-12.45 percent) and the Nairobi Securities Exchange (-15.91 percent).
Investors gain over N5trn in four months
The Guardian reports that since the NGX’s All Share Index (ASI), an indicator used to track the general market movement of all listed equities on NGX, crossed 53,000 mark to hit a 14-year high for the first time since 2008.
Specifically, market capitalization is the total value of all a company's shares of stock that opened the year on January 4 with a value of N23.187 trillion but as of Friday, 15 May, it stood at N28.625 trillion.
This indicates that investors have made over N5.438 trillion in four months.
Ecobank leads as 10 commercial banks spend over N400bn on staff salaries
Meanwhile, Legit.ng had earlier reported that working in the banking industry is a dream for many Nigerian graduates because they believe there is a lot of money to be made
The report showed how ten commercial banks paid workers salaries and wages of over N400 billion in 2021.
The amount captured in the report only covers salaries and wages and does not include other staff costs, pension contribution that makes up personnel cost.
Source: Legit.ng
