Nigerian exchange not among top-performing stock markets in Africa despite massive gains

Despite the roaring and exceptional performance witnessed in recent months, mainly since Bola Tinubu emerged as Nigeria's President, the Nigerian Exchange is not ranked among Africa's six best-performing stock markets.

Traders on the Nigerian Exchange have leveraged the slightly renewed confidence and return of equity and portfolio investors to the Nigerian economy to make considerable gains in the last two months.

Top-performing stocks in Africa

However, the Nigerian Exchange has been outperformed by smaller markets on the continent, such as Malawi, Namibia, and Zambia, among others.

These relatively minor markets have displayed great returns, grabbing the investing public's attention.

Below are the top-performing stock exchanges in Africa.

Malawi-67.6%: With a surge of 67.6% in US dollars, Malawi's stock market emerged as one of Africa's best-performing exchanges.

Namibia - 18.1%: The country's stock market has defied the odds and amassed an impressive 18.1% rise in US dollar returns. Known for its stable economic conditions, the country's stock market has become a top destination for investors seeking reliable investment.

Zambia - 15.5%: Zambia's stock market has shown persistent grit, with a robust 15.5% gain in US dollars.

BusinessInsider reports that with its vast copper resources, Zambia has attracted investors.

Seychelles and Uganda - 3.7%: Both countries have recorded an impressive 3.7% increase in US dollars. They have shown incredible resilience, inspiring trust, and confidence among investors.

Ghana - Up 3.0%: Amid high inflation and economic uncertainties, Ghana's stock market delivered a 3.0% gain. Supported by a diversified economy and investor-friendly climate, the West African country continues to attract investors.

Tanzania and Cote d'Ivoire -1.78%: The two nations' stock exchanges have shown a modest increase at 1.78%. These markets have exuded resilience amidst regional economic challenges, earning the utmost respect of the investment community.