U.S. stocks were on a first-class ride into record territory in 2017. But they weren’t alone.

The value of public companies on global stock markets grew by $12.4 trillion in 2017, according to S&P Dow Jones Indices, which included dividends in its calculation.

A number of markets even outperformed the U.S.
Here’s a look at the biggest stock market winners of 2017:

1. Argentina
2. Turkey
3. Nigeria
4. Hong kong
5. U.S

The Nigerian All-Share index is still miles below record highs set in early 2008, but a 43% rally in 2017 has helped to close the gap.

The index suffered mightily in 2015 and 2016 as low oil prices, militant attacks, currency troubles, elections and Ebola hit investor sentiment.

But oil prices have moved higher, the central bank has made it easier to swap currencies and the economy has snapped out of recession, explained Zin Bekkali, founder and CEO of Silk Invest.

Many analysts are optimistic that stocks could keep rising in 2018.
“If you look at where we stand today, the [Nigerian] market is still one of the cheapest markets on the planet,” said Bekkali.