Maybe oil is not hampering the Global X MSCI Nigeria ETF ( Global X Funds (NYSE: NGE) at all — not with the United States Brent Oil Fund, LP (NYSE: BNO) being up 23.8 percent year-to-date and NGE being the only exchange-traded fund dedicated to equities in Africa's largest oil-producing country.
With Brent prices on the mend, things should be improving Nigeria, Africa's largest economy. After all, Nigeria is a member of the Organization of Petroleum Exporting Countries (OPEC), and the government there depends on oil production and exports to fuel a sizable portion of revenue.
Why NGE Is Off 5%
In reality, things are much different. NGE is off nearly 5 percent year-to-date, good for by far the worst performance among the single-country ETFs tracking equities in OPEC member states. Rising inflation and ...
/www.benzinga.com/news/16/05/7999458/not-just-oil-hampering-the-nigeria-etf alt=Not Just Oil Hampering The Nigeria ETF>Full story available on Benzinga.com
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