The Nigerian Stock Exchange All Share Index and market capitalisation declined by 4.28% to close the week at 26,216.46 and N13.658 trillion respectively4. This rise was primarily driven by the Financial Services industry, particularly Guaranty Trust Bank Plc, United Bank for Africa Plc, and Zenith Bank Plc, which comprised 82% of the total trade volume valued at N17.2 billion. Despite this, the top six price gainers were mostly non-financial services firms including May & Baker Nigeria, Ekocorp, Neimeth International Pharmaceuticals, BUA Cement, and Ardova Plc. As the equities prices continue to drop, the dividend yields will remain attractive not only to local investors but also to global portfolio managers which will drive improvements in market activities.
March 23, 2020
Nigeria Economic Update (Issue 9)
Related
Nigeria Economic Update (Issue 3)
Provisional Monetary
statistics by the CBN show an increase in currency in circulation a portion
of overall money supply. Specifically, currency in circulation rose
(Month-on-Month) by 14.2 percent to N2.2 million in December 2016
the highest Month-on-Month increase recorded for the year 2016. The rise in currency-
outside-bank may be attributed to the growing demand for cash balances for
spending activities during the festive period. This development would largely compound
the liquidity problem associated with TSA implementation and ongoing CBN
monetary tightening as deposit money banks might be cash-strapped. Going
forward, efforts should be geared towards intensifying initiatives that promote
a cashless economy that encourages cashless transactions.