October Brent futures rose to $73.46pb despite an increase in US stockpiles. However, commodity prices in Nigeria have remained relatively flat this week. Meanwhile, the naira slid back to N360/$ after a brief appreciation during the week.
The Purchasing Managers Index (PMI), a barometer of manufacturing activity shrank by 1.81% to 48.9points in July. According to FBNQuest, this was due to high interest expense and destocking of inventory by manufacturers. Also driving this trend is lower unemployment and weak consumer demand.
The attached slides contain a snapshot of recent commodity market movements and burning economic issues in Nigeria.
Enjoy your read….