Upgrade Nigeria to Emerging Market? Downgrade Egypt to Frontier Market?

No?  (OK, maybe only dropping Egypt out of EM is more likely.) In any event, consider the following...

Nigeria has surpassed Egypt as the second largest stock market in Africa – at least by market capitalization.  The Nigeria Stock Exchange market capitalization now stands at $72 billion compared to $32 billion for Egypt, and the average trading volume is $40 million per day versus $15 million, respectively.  Now this is just the market data – but other metrics are also favorable for Nigeria relative to Egypt, for example, increasing political stability. For more on Egypt's current turmoil click through to read Egypt's Market Regression from BloombergBusinessweek.

Nile Capital Management

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