Nigeria Stocks End Year as World’s Best With 50% Gain

(Bloomberg) — Nigerian benchmark stock index rose 1.9% at close on Thursday, moving the year-to-date gain to the most in more than a decade.

The Lagos bourse closed with 50% gain at 40,270.7 points, the most since December 2007. The equity index is the world leader among the 93 stock indexes tracked by Bloomberg.

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Nigeria benchmark stock index is the best performer globally this year

Some of the companies that posted the most positive return for the year include Equity Assurance Plc at 400%, Neimeth International Pharmaceuticals 260% and FTN Cocoa Processors, which climbed 230%.

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Dangote Cement’s share buyback, which commenced on Wednesday and ended Thursday, boosted market performance, adding to the positive trading close for the year, United Capital said in a note to clients.

(Corrects year-to-date performance in first paragraph)

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