MARKET UPDATE FOR MAY 23, 2017
CAUTIOUS TRADING STILL, AS INVESTORS, TRADERS DIGEST EMERGING ECONOMIC DATA IN NIGERIA Trading activities on the floor of the Nigerian Stock Exchange on Tuesday closed marginally higher to reverse previous day’s down market, even as the outcome of the Central Bank of Nigeria’s Monetary Policy Committee(MPC)follow general expectations that all rates be held unchanged. It was a day also that the National Bureau of Statistics (NBS) released the first quarter GDP 2017 figures showing that although the economy remains in recession technically, contracting by 0.53%, the nation is almost out of the woods, considering that in the 2016 Q4 Nigeria’s GDP declined by 1.72%. As we have mentioned in update of Monday, the 2016 Q1 GDP gave a hint that the the nation’s economy was on the road to recession, sliding into negative 0.34% after an economic slowdown in the second half of 2015. The GDP figures show that the economy is indeed recovery on policy shift of CBN concerning the foreign ex...