Nigeria’s Stocks Skid, But Momentum Still Poised to Bounce Back
On Tuesday, the Nigerian equity market took a quick dip, surrendering some of the early‑week gains. Yet the NGX All‑Share Index still sits on a solid upward streak, hinting at a potential rally later this week.
Mixed Bag of Movers & Shakers
- Honeywell Flour Mills & International Breweries delivered strong gains, making the market look like a sparkling beer at a party.
- In contrast, Transcorp and Zenith Bank dropped sharply, reminding investors that not all stocks are tasting sweet this month.
Bright Spots on the Horizon
Aliko Dangote’s ambitious deep‑seaport project in Olokola, Ogun State could become a game‑changer for logistics and infrastructure stocks. The initiative aims to slash trade bottlenecks and widen export routes for petrochemicals, LNG, and fertilizers—think of it as a giant highway for Nigeria’s economic freight.
Upcoming Data That Could Spark Confidence
- Inflation Report: Nigeria’s annual inflation fell to 22.97% in May from 23.71% in April. While the drop offers a sigh of relief, inflation still hangs like a storm cloud over the economy.
- GDP Outlook: Q4 2024 growth was recorded at 3.84%, fueled by a 5.37% jump in services. If the first‑quarter data mirrors this momentum, risk appetite could swell, pushing market gains forward.
Stakeholders are keeping a close eye on these numbers, hoping the next release will confirm the upward trend and bolster investor confidence.
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