Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 32)

 In the week ended 7th August, the Nigerian Stock Exchange (NSE) reported a week on week growth as 1.065 billion shares were traded compared to the 0.421 billion shares traded in the previous week1. Altogether, 20,482 deals were made, a majority of which were within the financial sector as the sector accounted for 63.59 percent of trades. The top 3 equities were FBN holdings, UACN plc and Access Bank. Both the All Share Index and market capitalization appreciated by 1.41 percent to close at 25,041.89 and N13.063 trillion respectively, indicating that market activity may continue to remain bullish as the economy reopens. However, various factors including a weak macroeconomic landscape, downward trends in Foreign Portfolio Investment (FPI), and the volatility of the naira will negatively impact the performance of the capital market in 2020. Nevertheless, given the size of the stimulus package the federal government plans to implement, the market is expected to remain relatively stable during the fiscal year.

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