The Nigerian Exchange Limited’s benchmark index crossed the 100,000 basis point mark, setting a new all-time high record on Wednesday.
At the close of trading, the All-Share Index of the local bourse gained 2,954.14 points or 2.99 per cent to close at a new high of 101,571.11.
The ASI closed 2023 at 74,773.77, posting a 35.83 per cent year-to-date return.
Speaking at the Capital Market Correspondents Association of Nigeria January forum in Lagos with the theme, ‘Review of 2023 Market Performance and Outlook for 2024’, the Managing Director of Arthur Steven Asset Management Limited, Tunde Amolegbe, predicted that the ASI might see up to 35 per cent gain in 2024.
Many analysts had projected a pullback in the market, though some of them believed that the outlook for the year remained cautiously optimistic.
Analysts expected the full benefits of some government reforms to kick in this year.
The domestic market YTD gain has surpassed inflationary levels in the country, outperforming other indices in the African, European and Middle Eastern markets are tracked by Bloomberg.
Source: Punch