ABUJA (Reuters) – Nigerian stocks rose 1.68% on Tuesday, its first trading session of 2024, extending last year’s rally, to reach its highest level ever of 76,031 points, LSEG data showed.
The share index crossed a psychological threshold of 70,000 points for the first time in November.
Domestic equities climbed 45.90% in 2023 as local investors piled back into shares to counter rising inflation which has been in double digits and excess cash on money markets due to low bond yields.
Nigerian stocks started to rally at the end of last May, when new President Bola Tinubu launched reforms to the country’s foreign exchange market and scrapped a costly but popular fuel subsidy that had sucked up government finances.
(Reporting by Chijioke Ohuocha; Editing by Alison Williams)