NIGERIA’S stock market is amongst the five top performers in 2017, topping equities markets of most major European, Middle Eastern and Asian countries, a report has revealed.
According to Cable News Network – CNN, which examined the performances of global equities’ markets, the Nigeria stock market average 43 per cent.
The CNN report also listed the United States stock market to have average 25 per cent, Turkey 43 per cent, Argentina 73 per cent and Hong Kong 35 per cent as the major outperformers.
The report also listed Qatar as the biggest loser, down by 19 per cent this year despite the big recovery of crude price. The small nation’s economy has been under pressure following its spat with Saudi Arabia, Bahrain and the UAE.
The Nigerian stock market, according to CNN, this year recorded the 43 per cent gain after the central bank made it easier to swap foreign currencies through the special window called the ‘Investors’ and Exporters’ FX Window.’
The ‘Investors’ and Exporters’ FX Window,’ which was created in April, also helped Nigeria ease out of recession.
The report stated that the Hang Seng charged ahead by nearly 35 per cent, but China’s major mainland indexes in Shanghai and Shenzhen floundered. It’s all about Tencent (TCEHY), said Dickie Wong, the head of research at Kingston Financial Group.
Shares in the Hong Kong-listed tech giant more than doubled over the past year and the company’s valuation briefly eclipsed that of Facebook – FB.
WeChat, the company’s popular mobile messenger, has close to 1 billion users, and investors have cheered forays into mobile gaming and video streaming. Meanwhile, the Shanghai and Shenzhen markets have languished after state media convinced local investors to be cautious, said Wong.