Nigeria’s stocks Rank Among Best Peroforners

Bloomberg reported on Monday that the good performance was as a result of foreign investors.

 

The New York-based financial software, data, and media company, said net foreign inflows to Nigerian equities totalled 337 billion naira ($940 million) last year, the first time flows have been positive since at least 2013.

It said December 2017 was the best month since Bloomberg started compiling data at the beginning of 2014, with net inflows of 140 billion naira, signaling a switch in sentiment toward equities in Africa’s biggest oil producer.

The finance media company said foreign investors were heavy buyers of Nigerian shares last year. “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.

“They’re also attracted by what remain among the cheapest valuations on the continent.

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

Bloomberg reported on Monday that the good performance was as a result of foreign investors.

Read more at: https://www.vanguardngr.com/2018/01/nigerias-stocks-among-worlds-best-performers/

For latest FBT, Tech News/Discussions Join the Telegram group Join HERE and Telegram Channel Join HERE