During the week, the Minister of Budget and Economic Planning, unveiled the Federal government’s objectives for 2030, which include raising the country’s GDP per capita to USD6,000 and decreasing unemployment to 0.6%. Presently, Nigeria’s GDP per capita is at USD2,184, and the unemployment rate has recently declined to 4.1%, according to the latest report. Furthermore, the Minister also outlined plans to reduce the poverty rate to 0.6% and guide the nation toward achieving middle-income status. he shared these aspirations during a press briefing in preparation for the Nigeria Economic Summit scheduled for October 23 to 24, 2023. on the other news The Debt Management Office (DMO), has initiated the process of accepting subscriptions for a 10-year Ijarah Sukuk with an annual interest rate of 15.75%. This Sukuk is set to mature in October 2033. This announcement was officially made by the DMO today, and the subscription window is scheduled to remain open for 9 days, running from October 3rd to October 11th, with the settlement date set for October 13th. The Sukuk in question will have a ten-year duration, with interest payments made semi-annually, concluding in October 2033.
Equities and stock recommendation
This week, the Equities market closed bullish as the NGX All Share Index (ASI) gained 11bps WoW to 66,454.57 points. As a result, the year-to-date returns rose to 29.66% (vs 29.52% last week). On a sectoral basis, the Consumer Goods (+0.17% WoW) and Banking (+1.43% WoW) sectors closed positive while the Industrial (-1.38% WoW) and Insurance (-3.11% WoW) sectors closed negative. However, the Oil and Gas sector closed flat. Top gainers for the week include FTNCOCOA (+19.2% WoW to NGN1.80), RTBRISCOE (+16.3% WoW to NGN0.57) and OANDO (+9.00% WoW to NGN9.00). Whereas CHIPLC (-19.0% WoW to NGN1.02), ABCTRANS (-17.7% WoW to NGN0.65) and CHAMPION (-9.9% WoW to NGN3.38) led the losers’ chart. In the coming week, we expect mixed sentiments in the market as investors engage in profit-taking activities.