As in recent years, stocks are having their moment in Nigeria. Yet the optimism that fed that trend in 2022 was unusually robust for a year in which that had enough wrecking balls to tip Nigerian stocks southward.
Returning 20 per cent or N4.7 trillion at the sound of the closing bell on Lagos Customs Street on Friday, Nigeria’s main equity index had swum against the trend in the broader global stock market, where equities had shed as much as $18 trillion or over 20 per cent as of 07:00 the same day, according to the MSCI All-Country World Index (ACWI).
MSCI ACWI tracks the performance of roughly 3000 stocks in 48 developed and emerging market countries.
