Business
NSE among top 5 global stock markets of 2017
A report released by CNN Money on has revealed that the Nigerian Stock Exchange, NSE, made it on to the list of the top five global stock markets of 2017.
This came following a 43 percent rally in 2017 as the nation’s bourse operates way below record highs set in early 2008.
Argentina, Turkey, Hong Kong, and the United States were the other stock markets that made it to the top five in 2017.
The Argentine market soared this year by 73 percent, Turkey jumped by 43 percent, same with Nigeria, while Hong Kong grew by 35 percent, the United States stock market appreciated by 25 percent.
According to the report, the Nigerian index suffered mightily in 2015 and 2016 as low oil prices, militant attacks, currency troubles, elections and Ebola hit investor sentiment.
However, the report said the Qatari stock market emerged the biggest loser of the year, dropping 19 percent amid a spat with its neighbours: Saudi Arabia, Bahrain and the United Arab Emirates.
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Their decision to cut diplomatic ties and transport links with Qatar in June took the region by surprise. The nations accused Qatar of funding terrorism, a charge it denies. Efforts to restore ties have so far failed.
Qatar has found workaround strategies and different trade routes to get by, said Shearing.
US stocks stayed front and centre as investors bet on strong economic growth, solid corporate earnings and hopes that President Trump would roll back regulations. Trump also boosted markets with a big corporate tax cut, CNN Money reports.
The Dow Jones industrial average shot up by 25 percent, the S&P 500 grew by 20 percent and the tech-heavy Nasdaq index surpassed them with all with a whopping 29 percent gain.
Many analysts are optimistic that stocks could keep rising in 2018.
