18 April 2018

Nigeria Stock Exchange Outshines Kenya, JSE Bourses

Lagos — THE Nigerian Stock Exchange has outshone bourses in Kenya and South Africa for the year 2017, underlining the West African country's status as the continent's biggest economy.

It outpaced the Nairobi Stock Exchange and Johannesburg Stock Exchange respectively in local currency unit terms, and remains ahead year-to-date (ytd) this year.

It has gained 6 percent on that basis, compared with 2,4 percent in Nairobi and a decline of 4,7 percent in Johannesburg.

First Bank of Nigeria (FBN) Quest Capital Research said the trend indicated "the Ramaphosa bounce in South Africa has come to an end."

The so-called bounce is in reference to the positive reaction by the South African market after Cyril Ramaphosa became president of Africa's most advanced economy in February.

It brought to an end the tumultuous reign of Jacob Zuma.

Kenya, East Africa's economic powerhouse, is also emerging from a volatile period after violence-marred elections that retained Uhuru Kenyatta in power.

FBN Capital Research stated Nigeria had elections coming in 2019, the same year South Africa will hold general polls.

"Our view is that investors are not worried as long as they continue to feel that the polls will be decisive, and not followed by violence and endless judicial challenges," the FBN entity stated.

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