Nigerian stocks are headed for their highest annual gain in seven years riding on low yields in the country’s fixed-income market
Nigerian stocks are headed for their highest annual gain in seven years riding on low yields in the country’s fixed-income market.
The equities benchmark index in Africa’s largest economy recorded its highest return, rising 45.7% this year, the most among 93 equity indexes tracked by Bloomberg. It’s the world’s best performing stock market year-to-date.
Investors’ appetite for riskier assets have remained strong due to persistent low yield on fixed-income instruments, Chapel Hill Denham said in a note to clients on Tuesday. This has been buoyed by traders positioning for Dangote’s share buyback program due this week.