NGX Soars 60%, Overtakes Casablanca as Africa’s No.2 Stock Market

Data shows the Nigerian Exchange (NGX) has risen 60.5% year-to-date to $116.85 billion in market value, surpassing Morocco’s Casablanca Stock Exchange to claim the second spot in Africa. South Africa’s Johannesburg Stock Exchange remains the leader with a $1.52 trillion capitalization, but Nigeria’s rapid uptrend highlights surging foreign investment amid ongoing reforms. The NGX’s rally is underpinned by two major catalysts. First, the anticipated $50 billion Dangote Refinery IPO has already drawn over $2 billion in private placement interest, including a $100 million anchor commitment. Second, FTSE Russell’s planned upgrade of Nigeria to Frontier Market status this September is set to trigger automated inflows from global index funds, lifting local stocks trading at historic discounts. This milestone marks a historic reshuffle in Africa’s equity landscape and narrows the gap with the continent’s top exchange, underscoring Nigeria’s growing appeal to international investors.

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