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Nigerian Stocks Attain Best Annual Returns Since 2013

Brooom by Brooom
December 31, 2020
in Business, News
0

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 buy back program due this week.

Equities will continue to outperform bonds in 2021 given the current overstretched fixed-income valuations, according to Chapel Hill Denham.

READ ALSO:  Keep Promises, We Retain Power in 2023

The Lagos bourse gained 0.75% to 39,092 as of 13:47 p.m. local time, to reach its highest level since June 2018.

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Prince Babatunde also called Brooom is a Nigeria born and based writer, a political journalist, political consultant, publisher and a businessman. Almost a decade now, he has been involved in reporting political activities affecting grassroot development's. He has helped to proffers several solutions to improving lives of many Nigerians especially poor people. His group's is presently working on a mission to develop a template programme for a Cleaner Nigeria and more.

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