In fact, the Nigerian Stock Exchange (NSE), has outperformed American equities by a large margin, up more than 20 per cent this year, compared to about six per cent recorded by American bourse.
The analysts, who spoke with CNBC, also listed the stock market in Dubai, Iceland, Vietnam and Abu Dhabi as other markets that have outperformed the US market this year.
The NSE All Share Index closed at 33,183.19 last Friday, compared to the 28,078.80 basis points it stood at the beginning of the year. Also, the NSE’s total market capitalisation closed at N10.618 trillion on Friday, up from N8.974.45 trillion.
“Taken together, the countries form an unlikely quintet that leads the global equity markets and poses opportunities for investors wary of all the stomach-churning turmoil closer to home,” the analysts said.
Executive Vice President at BPU Investment Management in Pittsburgh, Nadav Baum, said: “If you don't know something, you tend not to buy it. That's human nature. People know what Coke does. People understand what Heinz is.
“But when you are playing in those international markets, people get concerned about currency risk, they get concerned about liquidity, and they really don't understand the companies out there."
Also, Managing Director, Asian Currency Trading at Nomura, Stuart Oakley and Chief Investment Strategist at Citi Private Bank, John Woods, predicted further market appreciation.
However, they noted that one of the keys to investing is understanding where you are putting your money, adding that transparency isn't exactly the hallmark of many foreign exchanges.
“That's why exchange-traded funds can provide good access points for investors looking to get broad-based exposure to foreign markets without having to worry if, say, the market in Bulgaria (up 12 percent this year) or the Philippines (plus 15 percent) should blow up,” the CNBC report added.
The world's worst-performing market is Brazil, down about 7.5 per cent.
Overall, emerging and frontier markets are getting plenty of attention from strategists. While equity flows have turned positive in 2013, far more money has gone to global markets than the US. January saw global outpace domestic narrowly, but in February the gap has grown. Global equity mutual funds have taken in nearly $14 billion so far while US funds have seen just $2.5 billion, according to the Investment Company Institute.
The US market is actually just about middle of the road when compared to others across the globe. It ranks 29th of 77 global exchanges and third among G-7 countries, behind Japan and Britain, which have seen big pops in their stock markets as their respective currencies have tumbled in value, according to Bespoke Investment Group.