- Nigeria slips to third place in global stock market rankings, overtaken by South Korea and Ghana
- South Korea’s KOSPI rebounds, driven by strong tech stocks like Samsung and SK Hynix
- Analysts remain optimistic about Nigeria’s market prospects amid strong local investor participation and improving economic conditions
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria has lost its position as the world’s best-performing stock market after holding the global crown for about five weeks, with a sharp rebound in South Korean equities pushing the country back to the top.
Bloomberg data covering 92 stock exchanges showed South Korea’s KOSPI had gained 68.52 per cent in dollar terms since the beginning of the year, ahead of Ghana at 66.68 per cent and Nigeria at 65.23 per cent.
Credit: NGX
Source: Getty Images
Nigeria had moved into first place on July 10 after overtaking South Korea, following months of strong gains across equities listed on the Nigerian Exchange Limited (NGX).
The latest ranking, however, leaves Ghana in second place and Nigeria third, despite the Nigerian market maintaining one of the strongest performances globally.
Korean tech stocks drive rebound
South Korea’s return to the top has been powered largely by a strong recovery in technology stocks, particularly Samsung Electronics and SK Hynix.
Investor optimism has strengthened around demand for memory chips used in artificial intelligence infrastructure, helping the KOSPI recover sharply from a recent correction.
The index plunged about 40 per cent between its June 22 peak and July 30 low but has since rebounded by roughly 23 per cent, enough to restore South Korea’s position at the top of the global ranking.
NGX faces profit-taking
Nigeria’s stock market, meanwhile, has experienced some profit-taking after its powerful run.
The NGX All-Share Index fell 2.78 per cent between August 10 and August 14, closing at 242,619.2 points. Market capitalisation also declined from N160.4 trillion to N156.6 trillion during the period.
Despite the recent correction, analysts say the broader bullish trend remains intact.
Improved macroeconomic conditions, greater naira stability, foreign exchange reforms, stronger corporate earnings, banking recapitalisation and attractive dividend yields have continued to support investor interest.
Domestic investors have also become a major force behind market activity. They accounted for about 89 per cent of transactions in the first half of 2026, compared with 11 per cent for foreign investors.
The naira’s relative stability has further supported Nigeria’s dollar-denominated market performance, with the official exchange rate at about N1,357.70 per dollar on August 14.
Investors still watching Nigeria
Patrick Ajudua, president of the New Dimension Shareholders Association of Nigeria, said Nigeria’s fall from the top should not be viewed as a major setback.
Credit: NGX.
Source: Getty Images
He noted that global rankings naturally change as benchmark indices respond to economic and market developments.
According to him, the more important issue is whether Nigeria can sustain its position among the world’s strongest markets and eventually reclaim the top spot.
Ajudua also expressed optimism that the anticipated listing of Dangote Refinery could provide another major boost to the NGX.
Despite losing the global crown, Nigeria’s 65.23 per cent year-to-date dollar return keeps it firmly among the world’s strongest stock markets.
Meet Nigerian companies Worth N1trn on the NGX
Earlier, Legit.ng reported that the Nigerian Exchange (NGX) is home to more than 150 listed companies, but only a select group has crossed the N1 trillion market capitalisation mark.
As of August 7, 2026, 25 companies had market values above N1 trillion, making up more than 90 per cent of the NGX’s total market capitalisation.
The exclusive group cuts across telecommunications, banking, cement, energy, agriculture, consumer goods, hospitality and power.
Source: Legit.ng