BY Oluseyi Awojulugbe
S&P Dow Jones Indices has listed the Nigerian Stock Exchange (NSE) as one of the best five stock exchanges globally.
CNNMoney reports that other stock exchanges listed alongside the NSE were Buenos Aires Stock Exchange of Argentina, The Stock Exchange of Hong Kong Limited, Borsa İstanbul of Turkey and New York Stock Exchange of the United States of America.
“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,” the report read.
“The Nigerian All-Share index is still miles below record highs set in early 2008, but a 43% 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 has made it easier to swap currencies and the economy has snapped out of recession, explained Zin Bekkali, founder and CEO of Silk Invest.
“If you look at where we stand today, the [Nigerian] market is still one of the cheapest markets on the planet,” said Bekkali.”
Qatar was listed as the biggest loser of 2017.
“Gulf nation Qatar’s stock market tumbled by 19% amid a spat with its neighbours: Saudi Arabia, Bahrain and the United Arab Emirates.”
Market capitalisation on NSE had hit the N13 trillion in 2017, the first time in three years.
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