Nigerian stocks head for best annual run since 2013 - The Neighbourhood Newspaper theneighbourhoodonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theneighbourhoodonline.com Daily Mail and Mail on Sunday newspapers.
Punch Newspapers
Sections
Published 30 December 2020
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 per cent this year, the most among 93 equity indexes tracked by Bloomberg. It’s the world’s best-performing stock market year-to-date.
According to
Bloomberg News, 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 buyback program due this week.