Nigerian Stocks Top Global Rally with 67% Dollar Gain, Overtaking South Korea

Nigerian equities have delivered a 67% return in dollar terms this year, surpassing South Korea’s Kospi index at 66%. While the Kospi slid into a bear market amid AI-driven tech sell-offs, the Nigerian Exchange has remained insulated from semiconductor volatility. Domestic financial services and insurance firms have led the surge. Fortis Global Insurance Plc stood out with an astonishing 1,400% return in dollars, highlighting strong local demand in the sector. A mix of macroeconomic reforms, structurally high oil prices and improved FX liquidity underpins this rally. Hawkish policy from the Central Bank of Nigeria has stabilized the naira, allowing investors to capture full capital gains without currency losses. Institutional interest is rising as S&P Dow Jones Indices considers upgrading Nigeria back to a Frontier Market index. The much-anticipated dual listing of Dangote Petroleum Refinery could further boost foreign inflows.

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