Tag: PMI

Expect Mixed Market, As Investors React To Banks’ Earnings Releases

Ambrose Omordion
Profit Taking

Market Update for November 19 By Investdata Analysts Thursday’s trading on the Nigerian Stock Exchange was very mixed and volatile, with equity prices swinging into losses on the strength of banks’ Q3 numbers falling below expectation, thereby halting the previous day’s gains and recovery. This, expectedly, has triggered another round of profit-taking, despite the positive economic news of an expansion in the nation’s industrial output as revealed by the Purchasing Managers index of 50.2points, up from the 49.6 points in October. The lower-than-expected earnings reports from the banks have been…

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Manufacturing sector contracts for the sixth consecutive month

Business Metrics
Manufacturing sector contracts for the sixth consecutive month

The Purchasing Managers Indexb(PMI) for the manufacturing sector which started contracting in May recorded another contraction in October according to the Central Bank of Nigeria. The statistics department of the CBN disclosed in its ‘Purchasing Managers’ Index survey report for October, that this contraction hit the sixth month. Part of the report read, “The manufacturing PMI in the month of October stood at 49.4 index points, indicating slowing contraction in the manufacturing sector compared with the last five months. “Of the 14 subsectors surveyed, six subsectors reported expansion (above 50…

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PMI day for Europe, UK & United States

Banjo Olaniran

By Lukman Otunuga Grab your popcorn and find a cosy seat ahead of the latest Purchasing Manager Index (PMI) data from Europe, United Kingdom and the US which could spark volatility in the FX space. The PMI is a leading indicator of economic health which essentially surveys purchasing managers at businesses that make up a given sector. Digging deeper, the headline PMI is a number from 0 to 100. Anything above 50 represents an expansion when compared with the previous month while under 50 represents a contraction. It is worth…

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Nigeria’s manufacturing sector on 5-month downtrend as PMI drops to 46.9%

Banjo Olaniran
Emefiele charges Nigerians on agric boom

The Manufacturing Purchasing Managers Index (PMI) in the month of September stood at 46.9 index points, indicating contraction in the manufacturing sector for the fifth time. The Statistics Department of the Central Bank of Nigeria (CBN) disclosed this in its report on PMI survey for September released yesterday. It said of the 14 subsectors surveyed, four subsectors reported expansion (above 50 per cent threshold) in the review month in the following order of electrical equipment, transportation equipment, cement and nonmetallic mineral products. The remaining subsectors reported contractions, namely petroleum and…

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August’s PM Index underscores contracting economic activities

Banjo Olaniran
International Money Transfer Operators

For obvious reasons, the purchasing manager index (PMI) contracted further in August, expressing gloomy economic expectations of players in the manufacturing and services sectors. Latest PMI report released today the Central Bank of Nigeria has it that the manufacturing PMI in the month of August stood at 48.5 index points, indicating contraction in the manufacturing sector for the fourth consecutive months. However, of the 14 subsectors surveyed, six subsectors reported expansion at above 50 per cent threshold in the review month in the following order: nonmetallic mineral products; cement; plastics…

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Stanbic IBTC forecasts 3.3% contraction for Nigeria’s economy

Business Metrics
Nigerian recession and contraction of economy

Analysts at Stanbic IBTC Bank have projected that Nigeria’s economy would sustain its recessionary trend in the second quarter of this year based on its current micro and macroeconomic indices. Anchoring some of their projections on the present purchasing managers index (PMI) which fell to 42.4 in May, amongst other indices, analysts at the bank foresee that the PMI picking in the months ahead but albeit at a level still below the 50 mark. In a statement issued by an economist with the bank, Gbolahan Taiwo, the lender predicted: “We…

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