"No Brainer" US bank stocks languish unchanged in 2017 and even the unstoppable FANG stocks are lagging badly behind Nigerian banks.
It appears all those emails from Nigerian princes are paying off?
Or, as Bloomberg notes, since the Nigerian central bank eased a dollar shortage by opening a currency-trading window for foreign investors in April, lenders in Africa’s biggest economy have soared.
The local banking index is up 35 percent this quarter, outstripping South Africa’s equivalent stock gauge and MSCI’s emerging-market financials index. Even after the jump, Guaranty Trust Bank is the sole Nigerian lender in the index to trade above its book value, while none of the six members of the South African index trade below that level.