African markets rally with Nigeria's stock exchange leading the world

Nigeria Stock Exchange (NGX) became the world's top-performing equity market in US dollar terms in the first half of 2026, overtaking South Korea's KOSPI index. Bloomberg data tracked from 92 global stock exchanges revealed that Nigeria's benchmark index gained 67% in dollar terms, with the South Korean KOSPI gaining 66%. The rally was driven by economic reforms, stronger oil prices, improved foreign exchange liquidity, and a 4% appreciation of the naira. Financial stocks led the gains, with insurer Fortis Global Insurance posting a 1,483% dollar return.

Additional optimism followed news that S&P Dow Jones Indices is considering restoring Nigeria to frontier-market status. In contrast, South Korea's previously Artificial Intelligence (AI) fueled stock rally slowed into a bear market, shedding 22% since its June peak, with its currency, the South Korean won, weakening 5% year-to-date. According to Eduje Russell, MBA, Senior Analyst, "A 67% return in dollar terms is certainly impressive, but perhaps the more important story is what is driving it. Markets respond to confidence as much as fundamentals. Improved foreign exchange liquidity, macroeconomic reforms, and growing investor optimism appear to be changing how investors view Nigeria's long-term prospects." The Ghana Stock Exchange (GSE) All Share Index (ASI) grew at 40.75%.