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The World’s Best Stocks May Gain Even More If Oil Holds Up

  • Nigerian stocks have risen 12% this year, the most globally
  • Ashburton says the gains can continue, while HSBC is bearish
Updated on

The world-beating rally in Nigerian stocks may not be over yet.

The main equity index in Africa’s biggest economy has surged 12 percent this year in dollar terms, the most among 96 major bourses tracked by Bloomberg, pushing it to the highest level since 2008. Dangote Cement Plc, controlled by Africa’s richest man, Aliko Dangote, and the largest company on the exchange, has climbed to a record high.