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Economy
Fitch Ratings has revised the outlook on Nigeria’s Long-Term Issuer Default Ratings (IDRs) to positive from stable and affirmed the IDRs at ‘B’.
The domestic equities market kicked off the week with a growth 0.17 per cent due to bargain hunting in Guinness Nigeria and 31 others.
In the foreign exchange market, the Nigerian Naira depreciated by 2.48% in the official market, closing at N814.60 to the dollar from N794.89 per dollar.
Amidst a fluctuating global economic landscape marked by improved consumer confidence and a temporary halt in rate hikes, the 2023 global real gross domestic product (GDP) growth forecast has been adjusted upward to 2.4%, backed by robust employment conditions and substantial fiscal stimulus.
In terms of market valuation, Geregu Power Plc’s weight has increased and there is a possibility that the company could be joining the 13-digit gang on the Nigerian Exchange soon.
At all costs, Nigeria’s economy ascended in the third quarter of 2023, halting the previous quarterly decline. The gross domestic product growth report by the National Bureau of Statistics showed that the economy grew by 2.54% year-on-year in real terms to N19.44 trillion.
The Nigerian Exchange (NGX) market capitalisation rose to N39.17 trillion after sustained bullish momentum