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July 11, 2018

Regional stock markets in reverse

Within a broader trend in the emerging/frontier economy space, the three leading stock markets in sub-Saharan Africa all find themselves in negative territory ytd: the Lagos all-share index (NSEASI) and Johannesburg all-share index both by -2.1%, and Nairobi (NSE 20) by -11.0%. Investors track GDP closely: curiously, the IMF’s latest World Economic Outlook, shortly to be updated, sees growth this year and next in Nigeria at 2.1% and 1.9%, in South Africa at 1.5% and 1.7%, and in Kenya at 5.5% and 6.0%. Other indicators enter the equation, of course. NAFEX has proved transformative for the offshore investor in Nigeria. Total transactions on the NSE have averaged US$20.7m equivalent ytd, compared with US$9.9m in the same period of 2017. Momentum, however, is slowing: the average of the past month has...

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July 4, 2018

Relief overdue on domestic debt service

The burden of domestic debt service continues to mount. In the 2017 calendar year it reached N1.48trn, and the 2018...

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July 3, 2018

A healthier current account in Q1

From the balance of payments (BoP) for Q1 2018 we see that the current-account surplus widened from the equivalent of...

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July 2, 2018

PMI reading no 63: fractionally under water

Our manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, picked up gently in June from 49.2 to 49.8. Our...

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