| Nigeria Economy |    4109 VIEWS  |
| Nigeria Economy | |
| 4109 VIEWS | |
 |
Thursday, October 04, 2018
/06:55 PM /FDC Ltd
September
2018 "a month no one wants to remember" is how a sulking stockbroker
described his experience at the Nigerian Stock Exchange.
At the
end of Q3 2018, the market was down 5.97% with Average Daily Trading Volume
(ADTV) down 32%. He was particularly pained, because according to him,
there was no reason for such an avoidable bloodbath, as earnings were just
beginning to recover and investors were finding some optimism again.
That
is why the unfortunate allegations of wrong doing against MTN which seemed to
lack clarity sent jitters down the spines of potential, existing and
former investors in the Nigerian Capital Markets.
Thank
God, the CBN is now beginning to sound more conciliatory and is seeking an
amicable solution to this unnecessary hiccup.
Some
other economic indicators which are nominally positive but directionally
negative include the inflation rate rising to 11.23%, the fall in the oil rig
count by 12.5% to 14 and External Reserves down 3.18% to $44.4bn. These
indicators are making already nervous investors sit on the edge of their seats.
However,
some positive developments will put a smile on Nigerian faces especially the
price of Brent Oil at $85pb a 4½ year high and the possibility of a new minimum
wage.
In the
attached slides, these issues are analysed in detail by Bismarck J. Rewane and
the FDC think Tank at this month's LBS Breakfast Session.
Kindly download The LBS Executive Breakfast Session – Oct 2018
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