<\/p>\n
Allan Gray, which oversees $29 billion in assets, favours Nigerian stocks over South Korean equities, as they offer a diversification play from the artificial-intelligence frenzy that has swept markets from Wall Street to Asia.<\/p>\n
Read: Managing risk in bullish market<\/p>\n
Nigeria\u2019s benchmark stock index has surged 72% in dollar terms this year, putting it on track for its biggest annual gain since 2007 and outpacing the Kospi\u2019s 54% advance. The rally has put the market \u201cin the same conversation\u201d as South Korea\u2019s Kospi Index, said Kamal Govan, a portfolio manager at Allan Gray, who runs the Cape Town-based money manager\u2019s $604 million Africa ex SA Equity Fund.<\/p>\n
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A breakdown of the fund, which has gained 28% this year, shows Nigerian equities account for nearly a third of its holdings.<\/p>\n
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The key difference between the rallies is that the Kospi is \u201cnarrow and thematic, concentrated in two memory chip companies,\u201d Govan wrote in a quarterly client note. Samsung Electronics and SK Hynix Inc. account for nearly half of the index and have drawn investor interest because of their exposure to the AI boom.<\/p>\n
\u201cNigeria\u2019s rally has been broad-based, spanning banks, oil and gas, telecommunications and industrial goods,\u201d Govan said. It is \u201cunderpinned by broader fundamentals rather than a single narrative.\u201d<\/p>\n
Seplat Energy Plc is the fund\u2019s biggest exposure to Nigeria\u2019s oil and gas sector. The stock is up 197% in dollar terms this year, ranking among the 11 best performers on the 151-member index. Sterling Financial Holdings leads the pack, with shares up 1,078%.<\/p>\n
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Nigeria, Africa\u2019s largest crude producer, has received a further boost from FTSE Russell upgrading it to frontier-market status last month. The move reverses a downgrade to unclassified status three years ago over concerns about investors\u2019 ability to repatriate foreign currency, Govan said.<\/p>\n
\u201cThe FTSE Russell upgrade could provide a further catalyst through increased foreign participation and improved liquidity,\u201d he said.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Allan #Gray #tips #Nigerian #stocks #South #Koreas #Kospi<\/p>\n","protected":false},"excerpt":{"rendered":"
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