The Nigerian Stock Exchange (NSE) has been named the best-performing stock market among the 93 equity indexes being tracked by Bloomberg across the world.
Despite the challenging year for most world economies, the Nigerian equity market, recovered from its negative returns and proceeded to record a double digit growth.
Year to date, the market has returned 47.2% as All Share Index hits 39,512.31 points compared to 26,842.07 points at the beginning of the year. The market capitalization has grown by 59.44% YtD to N20.660 trillion from N12.958 trillion at the beginning of the year.
The entrance of smart money into equity space in search of higher returns on the backdrop of lower yield in money market and fixed income space has paid off for the Nigerian equity market.
All the monies from the money market are looking for alternatives and the only place to go to is the capital market.
The positive vibration on the Nigerian equity market is bound to be sustained so long the rates in the money market remain low.