Economy
FBN Capital: Manufacturing PMI Rises to 55.9
By Modupe Gbadeyanka
Data released by FBNQuest Research has revealed that its manufacturing Purchasing Managers’ Index (PMI) for the month of June 2017 has recorded another improvement.
In its report on Monday, it was disclosed that the manufacturing PMI moved from 54.0 in May to 55.9 last month.
In 2013, FBN Capital launched the country’s first manufacturing PMI.
In its daily report, FBNQuest Research said data for the latest PMI was compiled by its partner, NOI Polls.
“The index report is a familiar data release at the start of the calendar month in developed markets (such as the ISM’s in the US), the larger emerging markets such as China and a few other frontiers. It is based upon the responses of manufacturers to set questions on core variables in their businesses,” the report said.
PMIs are forward-looking indicators of sentiment, and have the proven capacity to move financial markets in developed economies.
“In the unweighted model of our choice (the ISM’s), respondents were asked whether output, employment, new orders, suppliers’ delivery times and stocks of purchases have improved on the previous month, are unchanged or have declined.
“A headline reading of 50 is neutral. We have posted nine negative readings since our launch in April 2013 including five in 2016.
“Our sample is an accurate blend of large, medium-sized and small companies.
“We have also added ‘trigger’ questions, which apply when the respondent has the same answer on a sub-index for two successive months and then changes it for the third,” FBNQuest Research said.
It added that four of the five sub-indices picked up in June and all were in positive territory. The headline reading has been above 50 since March.
“Answers to the questions for three of the sub-indices cited an improvement in power supplies. This may prompt skepticism in some quarters although we point out that our respondents are spread across all six geopolitical zones.
“Since March the CBN has stepped up its sales of forex to importers, SMEs and retail (for invisibles). Two positive consequences for the sector have been far greater availability of raw materials and naira appreciation on the parallel market. The food and beverages segment has been the main beneficiary.
“In our view the economy is emerging from recession. In Q1 2017 its contraction narrowed from -1.7 percent y/y the previous quarter to -0.5 percent. Manufacturing posted positive growth of 1.4 percent y/y, the first since Q3 2015.
“We see a recovery in GDP growth to 1.6 percent y/y in Q2 2017,” it said.
The official manufacturing PMI report for China in June shows a rise from 51.2 to 51.7. State-owned enterprises have a substantial weighting.
Last week, the CBN released its manufacturing PMI for June 2017, which rose to 52.9 index points from 52.5 index points in May.
By Modupe Gbadeyanka
The Nigeria Revenue Service (NRS) has announced that from Saturday, May 9, 2026, to Saturday, June 29, 2026, its offices across the country will operate at weekends.
In a statement signed by its chairman, Mr Zacch Adedeji, on Thursday, the organisation said this is in anticipation of a rush in filing of tax returns during this period.
It was disclosed that the offices would open their doors to taxpayers on Saturdays from 10:00 am – 3:00 pm, urging taxpayers “to take advantage of this opportunity to resolve any tax- related matters, seek guidance, and ensure timely compliance with their obligations.”
The extended Saturday operations, according to the NRS, will provide additional assistance to taxpayers requiring support with the new system, facilitate seamless compliance during the June peak Companies Income Tax (CIT) filing period, and improve access to tax services outside regular weekday hours.
Recently, the tax agency launched a new tax administration platform known as Rev360. Taxpayers are still navigating their way around this initiative.
To provide additional support and service delivery to taxpayers on the rollout of the Rev360 Phase I Tax Administration System for medium and emerging taxpayers, NRS came up with the Saturday services.
In yesterday’s statement, the organisation said it remains dedicated to delivering efficient, transparent, and taxpayer-focused services.
By Adedapo Adesanya
FrieslandCampina Wamco Nigeria influenced the NASD Over-the-Counter (OTC) Securities Exchange to record its fourth consecutive growth this week by 0.21 per cent on Thursday, May 7.
The manufacturer of the popular Peak Milk and Three Crowns gained N10.26 during the session to quote at N127.06 per share compared with the previous day’s N116.80 per share.
This boosted the market capitalisation of the NASD OTC stock exchange by N5.26 billion to N2.459 trillion from N2.454 trillion, and raised the Unlisted Security Index (NSI) by 8.80 points to 4,110.38 points from Wednesday’s 4,101.58 points.
Business Post reports that the bourse recorded two price losers yesterday, led by Central Securities Clearing System (CSCS) Plc, which dipped by N2.92 to N73.08 per unit from N76.00 per unit, and UBN Property Plc lost 3 Kobo to sell at N2.20 per share compared with midweek’s closing price of N2.23 per share.
On Thursday, the volume of securities transacted by investors fell by 26.4 per cent to 372,916 units from 506,651 units, the value of securities slid by 31.8 per cent to N30.6 million from N44.8 million, and the number of deals decreased by 27.0 per cent to 27 deals from 37 deals.
When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by CSCS Plc with 60.5 million units traded for N4.1 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
GNI Plc also finished the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The positive performance of the Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) was extended on Thursday, May 7.
During the trading day, the Nigerian currency further improved against the greenback by N1.49 or 0.11 per cent to N1,355.85/$1 from the previous day’s N1,357.34/$1.
It was a similar situation for the Naira against the Pound Sterling in the official market. It gained N2.02 to trade at N1,845.18/£1 versus Wednesday’s closing rate of N1,847.20/£1, and against the Euro, it appreciated by N1.74 to sell for N1,593.26/€1, in contrast to midweek’s rate of N1,595.00/€1.
But at the black market, the domestic currency traded flat at N1,380/$1, and at the GTBank FX desk, it remained unchanged at N1,375/$1.
The local currency has gained weight in the past trading sessions as a result of improved forex liquidity, especially from foreign portfolio investors, exporters and oil companies, amid moderate demand. Nigerian yields are still attractive for foreign investors, serving as a basis for more (FX) flows coming to Nigeria.
While continued confidence in the FX reforms by the Central Bank of Nigeria (CBN) and improved liquidity conditions continue to support the Naira, the external reserves have been on a downward trend. Available data showed that it dropped $7.73 million, from $48.33 billion to $48.32 billion, as of May 6, 2026.
As for the cryptocurrency market, prices were largely pointing south due to renewed US-Iran tensions, but it remains higher on the week alongside mostly resilient global risk assets.
Funding rates for Bitcoin (BTC) futures have been negative for 67 straight days, creating a powerful setup for a potential short squeeze, with the digital coin losing 1.7 per cent to sell at $79,667.70.
Further, Dogecoin (DOGE) fell by 4.2 per cent to $0.1062, Ethereum (ETH) declined by 2.2 per cent to $2,279.71, Ripple (XRP) slipped by 1.8 per cent to $1.38, Cardano (ADA) depreciated by 1.7 per cent to $0.2619, Binance Coin (BNB) slid by 1.1 per cent to $639.32, and Solana (SOL) went down by 0.4 per cent to $88.22.
However, TRON (TRX) increased its value by 0.9 per cent to $0.3449, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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