Nigeria's Stock Exchange Surpasses South Korea's KOSPI Index as Top-Performing Market

The Nigeria Stock Exchange (NGX) has become the top-performing equity market in US dollar terms, surpassing South Korea's KOSPI index in the first half of 2026. According to Bloomberg data, Nigeria's benchmark index gained 67% in dollar terms, while South Korea's KOSPI gained 66%. The rally is driven by economic reforms, stronger oil prices, improved foreign exchange liquidity, and a 4% appreciation of the naira.

Financial stocks have led the gains, with insurer Fortis Global Insurance posting a remarkable 1,483% dollar return. The optimism in Nigeria's market has been further boosted by news that S&P Dow Jones Indices is considering restoring Nigeria to frontier-market status, which could improve investor confidence and attract more foreign investment.

Other African markets are also showing signs of growth, with the Ghana Stock Exchange (GSE) All Share Index growing at 40.75% and the Nairobi Stock Exchange (NSE) index expanding by 26.77%. However, South Korea's market has slowed into a bear market, shedding 22% since its June peak.