Equities market closed today on a negative note, as NSEASI depreciated by 0.06% to close at 31,125.39basis points as against 0.22% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.97%.
The net inflow of money into the Nigerian economy from other countries in Q4 2018 remained fragile and was dominated by oil and gas transactions. Clearly, the Nigerian economy is vulnerable to movements in the oil and gas market.
Three days ago, news broke that the National Assembly has passed the National Housing Bill 2018 and that it was awaiting presidential assent. While the news made it to the pages of websites such as Proshare.com NASS Passes New Housing Law, To Impose Over 200% of Personal Income Tax on Low Income Earners, and the business pages of a few newspapers, I noticed that it barely made a mention on social media.
Nigeria’s Equities Market closed the month of February 2019 in green as NSEASI inched up by 3.81% as against -2.78% loss recorded in the month of January 2019 while the NASD USI closed in red with -0.95% loss recorded at the end of the month under review as against 0.21% gain in January 2019.