Nigerian equities opened lower on Tuesday, losing some early-week gains, but the NGX All-Share Index retains strong momentum with potential for recovery. Mixed performances were observed among large stocks, with Honeywell Flour Mills and International Breweries showing strength while Transcorp and Zenith Bank faced significant losses. Aliko Dangote's proposed deep-seaport project may boost logistics and infrastructure equities in the long term. Key economic data releases, including inflation and GDP figures, are anticipated, with May's inflation rate easing to 22.97% and Q4 GDP growth at 3.84%, driven by the services sector.
Despite opening lower, the NGX All-Share Index remains strong and could return to positive momentum, with mixed performances among major stocks.
Aliko Dangote's proposed deep-seaport project aims to ease trade bottlenecks in Ogun State, potentially boosting logistics and infrastructure-related equities.
Nigeria's annual inflation rate decreased to 22.97% in May, down from 23.71% in April, providing some relief though it remains a persistent issue.
GDP growth rose to 3.84% in Q4 2024, driven by a strong 5.37% growth in services, indicating potential for continued economic momentum.
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