The Nigerian Economic Dashboard @ 240223 

Nigerian Economy

Transport drives 3.52% Real GDP Growth in Q4 2022

Nigeria’s GDP figure for Q4 2022 came in at 3.52% slightly higher than a few analysts’ expectations. The figure was a bit surprising, given the backdrop of a significant Christmas demand pullback for the fast-moving consumer goods (FCMGs) sector. The growth figure brought the country’s FY 2022 GDP growth rate to 3.10%. Analysts had penciled in a 3% FY 2022 GDP growth based on the 500-basis point rise in interest rates by the Central Bank of Nigeria (CBN). The purchasing managers Index (PMI) numbers have remained positive and strong in Q4 despite higher interest rates. A breakdown of the sectors suggests that the contribution of Agriculture declined from 29.67% in Q3 2022 to 26.46% in Q4 2022 while the contribution of services increased from 51.96% in Q3 2022 to 56.27% in Q4 2022. Crunching the numbers from economic activities, analysts note that of all the 19 areas, only the mining and quarrying sector recorded negative growth in the last quarter of 2022. Meanwhile, GDP grew fastest in the area of Transport (33.37%), Accommodation (25.56%), Arts and Entertainment (23.11%)

FG Appoints firms to Audit NIPOST Assets

In a statement issued on Thursday, the Bureau of Public Enterprises confirmed that the National Council on Privatisation (NCP) has approved nine companies to verify the properties of the Nigerian Postal Service across the country. NIPOST which is a government-owned postal and logistics entity would have its assets spread across the country audited as part of steps to privatize the government company. Analysts say that while the eventual privatization of NIPOST would help to optimize the agency’s idle assets the government must retain ownership of a portion of the company. Analysts argue that this would help address the FG Revenue challenges on a sustainable basis as against an outright sale. Analysts cite the privatization of Deutsche Post formerly owned by the German government.  After the privatization in 2000, the German government-owned 20% of its outstanding shares earning as much as 433m euros as dividends in 2022

Larger Investment Deal Book Crucial to Attracting FDI

Speaking at the Nigerian Investment Promotion Commission’s (NIPC’s) stakeholder engagement forum held over the weekend, Executive Secretary of the NIPC, Hajiya Saratu Umar, noted that the diplomatic community was important to attracting and retaining Foreign Direct Investment (FDI).  According to Umar diplomats assist in delivering marketing messages to target groups of potential investors, and they also manage relationships and provide the information required by investors to make informed investment decisions. However, analysts note that FDI has tumbled since Q1 2014 from US$768m to US$176m as of Q2 2022, a 422% drop. Observers note that attracting FDI requires the government to demonstrate its readiness by creating investment deal books that reflect the universe of investment opportunities on offer in Nigeria. Citing the example of India which targets US$100bn in FDI annually by offering deals in 15,000 assets and Saudi Arabia’s 2030 National Transformation Plan which targets $200bn in FDI, analysts say that the Nigerian government can take advantage of its enormous growth potential to attract large volumes of Greenfield and M&A investment if an investment deal portal is created to open up the country’s capital account.

Global Economy

US, UK, and EU PMI figures Reflect Resilience and Recovery

US’s Composite PMI Reading for February came in at 50.2 ( the first expansion PMI reading in eight months)   beating the 47.5 forecasts of analysts and the 46.8 registered in January. The US PMI reading reflects subsiding inflation.  Analysts say the services sector accounted for the rise in business activity, while manufacturing remained weak. PMI readings in the UK remained in the contraction range of 49.2 (but the highest reading in seven months )  exceeding the   47.5 forecast.    Analysts see a long recession, hinting a likelihood that the BoE - grappling with an inflation rate still above 10% - would raise interest rates to 4.25% in March, despite further signs of easing price pressures in the PMI. The PMI reading in the EU came in at 52.3 ( a nine-month high) exceeding the 50.3 forecasts. Resurgent service sector activity and a mild winter helped to reduce fears of energy shortages. With the labour market still very tight and price pressures strong, Analysts say the ECB would likely continue the tightening cycle. 

China's PBOC retains loan prime rate.

The People's Bank of China (PBOC) decided to maintain its lending rates at their lowest levels in the past two decades. The one-year loan prime rate (LPR)  was retained at 3.65%, while the five-year LPR, which is utilized to determine mortgage rates, remains at 4.30%. This marks the sixth consecutive month of holding the interest rate constant, as the PBOC seeks to revive the low economic growth of 3% in 2022 and deal with the depreciation of the yuan. Gradual economic recovery in January has encouraged positive market sentiments as the manufacturing and property sectors rejuvenate. In January 2023, China's official manufacturing purchasing managers' index (PMI) rose to 50.1, indicating a gradual recovery. Beijing has progressively stepped up its support for the property sector, and this is reflected in the rise of new home prices in China for the first time in a year. 

Japan’s Inflation Hits 41 year high

In January, Japan's consumer price inflation hit a 41-year high amid rising commodity prices and sustained domestic demand. In line with market expectations, the national core consumer price index increased by 4.2%, compared to 4% in the previous month. The overall CPI inflation also rose year-on-year to 4.3% in January from 4% in December 2022 when volatile items were included. 

This increase was primarily driven by rising fuel and utility expenses, a 24.3% surge in gas prices, and food price inflation of 7%. Given the continued inflationary pressure, the Bank of Japan (BOJ) may need to tighten monetary policy rates, particularly as inflation estimates continue to deviate from the BOJ's 2% target.

Oil and Gas 

Petrol Subsidy at N400bn is More Arbitrary than Cost Induced

Analysts have claimed that giving petrol subsidies to domestic marketers diverts government funds, benefits the wealthy over the poor, and promotes increased fossil fuel consumption, which raises greenhouse gas emissions. More troubling is the fact that Nigeria lacks precise data on the volume of daily petrol consumption and the cost of petrol subsidies.

The Nigerian National Petroleum Corporation Ltd. (NNPCL) Group CEO, Mele Kyari, recently disclosed that the amount spent on petrol subsidy has climbed to N400bn per month as a result of an increase in landing costs to N315 per litre. The present amount differs from the amount the country bore as under-recovery between February 2021, when subsidy payments resumed, and June 2022, when oil prices rocketed during the Russian-Ukrainian war. The average monthly petrol subsidy at that time was roughly N200bn. Poor regulatory monitoring and the opaque daily consumption volume continue to produce varying subsidy numbers, spurring friction between the NNPCL and other premium motor spirits (PMS) retail marketers.

NNPCL Assets Valued at US$60bn but Analysts Doubtful 

Federal Government on Friday, February 17, 2023, wound up the old NNPC, after 46 years of operation, and in its place, the Petroleum Industry Act (PIA)-enabled NNPC Ltd to take over as the nation’s oil company. The NNPCL kick-started its operation with over US$60bn in assets and supposedly 1.6mb/d in oil output, according to the Group CEO of NNPCL, Mele Kyari. Analysts are doubtful about the future of the national company, considering that the human capital strength and capability remain unchanged from its earlier incarnation. To upscale the enterprise for the Economic, Social, and Governance (ESG) market of the future its business model must undergo transition, it must seek massive investment in environment-friendly technologies and build a private sector framework for sustainable operations.  Analysts argue that for its corporate valuation to be credible, it must operate with greater transparency and the best private sector governance practice. The organisations operations despite the PIA remain shadowy.

Attracting Investment to the Oil Sector through Operational Precisions

The Minister of State for Petroleum Resources, Timipre Sylva, has refuted a claim made by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), that about 40% of the volumes of crude losses are attributable to measurement inaccuracies. This confirms our earlier assertion that there are numerous inaccuracies in the oil and gas sector, including the volumes of oil production, oil theft, and oil consumption, among others. In addition to showing that pipeline vandalism, theft, production delays, and deteriorated infrastructure are the main causes of crude oil losses in Nigeria, we believe the lack of a voice between the ministry of petroleum resources and the upstream regulator demonstrates the lack of precision on the operations and supervision of the industry. While taking measures to restore sanity to the industry, Analysts say the federal government needs to promote a culture of accuracy and clarity in the oil sector as envisaged by the Petroleum Industry Act 2021, making the industry attractive to investors.

Stakeholders Review Nigeria’s Oil Reserves and Production

In reviewing the state of Nigeria’s oil sector, oil analysts note that compromises would be needed to increase Nigeria’s oil reserve and production in the short-term and medium to long-term. In the short term, analysts note t it would require accurate data on oil flows and production from oil companies. In the medium-term and long term, it would require a multidimensional approach involving advanced technology, military operations, cooperation of operators, and collaboration with the host communities. 

Earlier in the week, the upstream regulatory agency expressed its commitment to increasing the country’s oil reserves and production across different time horizons. The CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, disclosed that the commission and industry stakeholders is looking to boost oil production by about 900,000 barrels per day (b/d) in the short term through some quick-win interventions, including stakeholders’ engagement and revival of shut-in wells. The Commission’s medium to long-term initiatives is also expected to add about 1.2mb/d to the country’s oil output. Analysts believe the initiatives need to be complemented with remote sensing technologies to monitor oil infrastructure, deployment of uncompromising special forces, and overhaul maintenance of the aged infrastructure. 

National Average of Petrol Retail Price Jump by 54% in 12 Months 

Differential pricing of petrol peaked in January 2023 as the Major Oil Marketers Association of Nigeria (MOMAN), including the NNPCL sold the product for Nigerians at a retail price of N185 per litre while other marketers sold the product between N220 and N400 per litre depending on the location. According to data from the National Bureau of Statistics, the average national retail price of petroleum products in January 2023 was N257.12 per litre, an increase of 54.5% from its price in January 2022 when it averaged N166.40 per litre. The over 50% growth in average petrol price from a year ago and about 25% growth month-on-month reflects the fuel scarcity, naira scarcity, and the resulting arbitrage that marred the downstream oil industry in the month under review.

As of the time of writing, many retail stations are still dispensing petrol above the regulated price of N185 per litre, reflecting both sabotage from some marketers and the ineffectiveness of regulatory monitoring. Analysts reckon that if government interest in the oil sector had been limited to regulation and supervision, the industry would have gotten more clarity. 

Diesel Prices Almost Tripled in 12 Months but What then is the Driver?

Although importing a large proportion of the country’s Automotive Gas Oil (Diesel) supply from Europe, domestic diesel costs have failed to keep track of the falling diesel prices in the US and Europe. Analysts observed that diesel prices have been trading close to N900 per litre in major cities across Nigeria. Howbeit, according to the latest Price Watch by the NBS, the average retail price of diesel across the country in January 2023 was N828.82 per litre, up 187.69% from N288.09 per litre reported in the same month of the previous year. It increased by 1.34% month-on-month from the N817.86 per litre reported in December 2022. Besides the national average, Bauchi State had the highest average price for the fuel at N900, and Bayelsa had the lowest average price at N768.75, highlighting the pricing competition between the imported diesel and locally refined diesel by the artisanal refineries in the Niger-Delta region. 

The falling demand for diesel, a result of banning the importation of Russian refined fuel, largely contributed to the global decline in diesel prices. Diesel prices in Nigeria have remained high due to logistical challenges, demurrage, dollar-denominated charges, and the high cost of vessel leasing. These challenges will keep diesel prices elevated until the operation of the major refineries which are expected to refine diesel in sufficient quantity. The price appears to have relatively stabilized above N800 per litre in recent months, indicating that it is unlikely to drive significantly higher prices.

Between Rising Kerosene Prices and Cooking Gas Prices

Over 90m Nigerians are currently drowning in energy poverty. The lack of access to reliable energy supply means many Nigerians use traditional biomass fuel such as firewood, charcoal, and kerosene for cooking, a fuel category analysts believe pollutes the environment, and is harmful to health. Apart from the environmental challenges, the Nigerian kerosene market faces challenges of soaring prices and inadequate supply, worsening the woes of low-income citizens. The cooking gas market is also relatively expensive due to its reliance on importation for about 60% of its supply.   

The latest NBS Price Watch report shows that the average retail price per litre of Household Kerosene (HHK) more than doubled between January 2022 and January 2023. Kerosene price jumped by 163.87% from N437.11 in January 2022 to N1,153.40 in January 2023. Observers believe that many households, especially low-income, use kerosene for cooking, lighting, and burning refuse. With prices soaring alternative and cheaper energy sources become more attractive but detrimental to environmental sustainability. More wealthy households use liquified petroleum gas (LPG) or cooking gas, but the price of this energy source has equally leaped and hurt household budgets. The average retail price for refilling a 5kg of Cooking Gas rose by 25.46% from N3,657.57 in January 2022 to N4,588.75 in January 2023.

A comparison shows that 1 kg of cooking gas is equivalent to more than 1.3 litre of kerosene, albeit this, however, depend on how efficiently the stove or burner is being used. In terms of cost, 1 kilogram of cooking gas is currently about N917.75, while the cost of 1 litre of kerosene is N1,153. To this effect, we advise Nigerians to switch to cooking with gas, which is not only more affordable but also healthier and better for the environment.

Oil Prices Down for the Week Despite Bullish Outlook

For the week, oil prices were slightly lower following a bigger drop in the previous week on rising US inventories and fears that a global economic slowdown and drop in fuel demand, amid aggressive interest rates hike by the central banks nudged investors to take profits. Howbeit, some trading sessions witnessed buying interest on optimism over China's demand recovery, concerns that underinvestment will hamper future oil supply, and as OPEC producers keep output limits in place. In the coming week, analysts expect oil prices to trade in the green zone on the rising prospect of lower supply from Russia and China’s demand recovery. Due to election uncertainty, we expect a slowdown in economic activity and a decrease in fuel demand in the local market, which will result in lower petrol prices at stations that are still selling above the regulated price.

Brent had a weekly decline of -1.08% (see Table 1 below).

Metals

Gold declined by -1.37% while Silver declined by -3.15% W-o-W (see Table 1 below).

Agriculture

Cocoa prices declined -0.58% W-o-W. 

Corn prices declined by -3.58% W-o-W and Sugar prices declined by -0.93% (see Table 1 below).

Table 1: Commodity Prices

*Data for the 24^th of February 2023 is as of 04: 43 pm (Nigerian Time)

Commodities

Nigeria Needs a Stronger Vegetable Value Chain 

Nigerian carrot farming is an area experiencing a slow but sustained meltdown. According to recent data, the vegetable has a global market value of approximately US$2.6bn and is projected to reach about US$3.9bn by 2026. Some of the problems associated with the growth of the carrot value chain include Nigeria's relatively poor agricultural infrastructure, with limited access to irrigation, mechanization, and storage facilities. These challenges can make it difficult for farmers to cultivate and harvest crops efficiently, reducing their overall yield and profitability. Many Nigerian farmers may not have access to good quality seeds, which can limit their productivity and profitability. Poor transportation network has also put a problem on the movement of carrots in the country. Analysts believe that if more processing facilities were available, we might see growth in the Carrot value chain.

Nigeria could Lose Its Cashew Trading Partner to Cambodia

Nigeria’s 2023 cashew export is under threat as Cambodia’s export of cashew over the years has increased. Last year Cambodia produced 670,000 metric tonnes of cashew and this year’s number could reach 900,000. In the last 10 years, they have increased their production five folds by using high-yield varieties, planting in large areas suitable for cashew production and being close to Vietnam, the largest importer of Nigerian Cashew. About 70% of Nigeria’s cashew export goes to Vietnam. The Proximity of Cambodia to Vietnam could force the latter shifting its cashew trade from Nigeria to Cambodia. 

Generally, Cashew sales in Nigeria are more expensive than when exporting, with it sold at N620,000 per metric tonne but sold at US$1,200 equalling about N550,000 at farm gates. Since it is a major exporting commodity in Nigeria, the domestic market competes with the international market for cashew, and as there is a lack of infrastructure for processing cashew, most of the cashew is exported in raw form, so processing would push the prices up domestically. Transportation of cashew from the farms to the market has also been a problem which is why there are middlemen who purchase the cashew from the farmers and sell them off to customers, thereby making higher profits as they drive the prices of cashew up. Analysts believe that if Nigeria loses the Vietnam market to Cambodia, the country might experience a cashew glut in the domestic market thereby forcing prices down.

Nigerian Farmers Benefit from Insurance Claims

Agricultural insurance in Nigeria has faced several roadblocks to its effectiveness. Many farmers are unaware of the existence of insurance programs making it difficult to convince them to take up policies. The fact that most agricultural insurance also avoids vulnerable crops and regions makes it difficult for insurers to attract farmers thus reducing its effect. Over the years, the infrastructure for data collection, risk assessment, and claims processing is often poor or unavailable in many rural areas of the country, undermining the effectiveness of insurers.

Following the flood incidence of 2022 where about 1.4m people were affected, 603 died, with over 2400 injured, 82,000 houses destroyed and over 300,000 hectares of land affected, the Nigerian Agricultural Insurance Corporation (NAIC) claimed that it had paid over N504.5m to 8,393 farmers affected by the flood, an average amount of N60,119 per farmer. While this is a good step in promoting agricultural insurance in Nigeria, it still feels a long way when the impact of the claims is considered given that high premiums are paid for comprehensive insurance.

Nigeria Considers Challenging Market Share with Major Beef Exporters

Brazil, the largest beef exporter in the world has banned the export of beef to China as the country battles the mad cow disease, also known as Bovine Spongiform Encephalopathy (BSE). The last time this was discovered amongst Brazilian cattle was in 2021 which triggered an export suspension that lasted for three months. While China could look to Australia for beef, Nigeria could equally increase exports to China thus increasing its global export market share. India is the largest exporter of rice, exporting about 22.26 million tonnes in 2022 which is more than the next four largest exporters in Thailand, Vietnam, Pakistan, and the United States, but has since upheld its 20% export tax and the ban on broken rice exports owing to fears that the El Nino weather phenomenon might hit this year’s monsoon rains. Some African countries import broken rice for food; thus, it makes it difficult to access this commodity. Nigeria only exports rice to Guinea-Bissau so this presents an opportunity to also increase the export of rice to other African countries.

Lagos Flags off Eko Agro Mechanisation Scheme

Lagos State Government has flagged off the Eko Agro Mechanisation Scheme to enhance food production and security in the state. It is an initiative targeting about 3000 farmers who can efficiently and smoothly prepare about 9000 hectares of land to provide them with mechanization access. Apart from the estimated 9000 jobs this initiative would provide, it is believed to be able to reduce food prices in the state. To this, the Commissioner for Agriculture, Ms. Abisola Olusanya noted that an app TOGworld which would help farmers request tractor services online has been made available for download on the Google Play store and IOS Appstore; although a search for the app proved abortive. This program is targeted at 3 strategic areas in Badagry, Ikorodu, and Epe which would serve different farming clusters. Analysts also point out that issues with farming inputs like fertilizers and seeds also need to be addressed to make prices lower and really affordable for the citizens.

Fixed Income Market 

Currency Market

For the third time in a row, the naira appreciated week-on-week at the Investor and Exporter FX fixing (I&E), settling at N461.17/US$1 on Friday. 

 However, at the Nigerian Autonomous Foreign Exchange (NAFEX) fixing, the naira depreciated by 2bps to N461.32/US$1(See table 2 below). 

Table 2: Naira/Dollar at the I&E FX Window and NAFEX Market

Source: FMDQ, Proshare Research

Money Market

The FAAC inflow and OMO bill maturity stimulated liquidity this week, knocking down the interbank rates. The Open repo rate (OPR) and Overnight rate dropped by 3870bps and 3930bps to 10.5% and 10.81% respectively (see table 3 below).

Table 3: Money Market

Source: FMDQ, Proshare Research

We expect funding rates to hover around current levels next week.

Treasury Bills Market 

Despite the huge subscription at the primary auction, the secondary market stayed bearish for most trading sessions this week. The average benchmark yield grew by 47bps (W-o-W) to 4.26%. 

The OMO bill’s average benchmark yield remained flat at 3.77% (See table 4 below). 

Table 4: Treasury Bills Market

Source: FMDQ, Proshare Research

Analysts expect some slight buying interest next week.

Nigerian Treasury Bill Primary Auction Result 

Market analysts observed that Investors bided for higher rates at the NTB primary auction’s market yesterday, the stop rates for the 91-day, 182-day, and 364-day rose to 3%, 3.24%, and 9.90% from 0.10%, 0.30%, and 2.24% at the previous auction. The Debt Management Office sold exactly the amount offered of N263.50bn as against a subscription of N296.75bn. The January inflation figure rising to 21.82% influenced the demand for higher yields from investors (see table 5 below). 

Table 5: Nigerian Treasury Bills Auction Result

Source: Commercio paper

FGN Bond Market

The mid-to-long tenor of the FGN bond market had buying interest this week while the short end of the curve witnessed mild selloffs. The average benchmark yield rested at 13.47% on Friday, a week-on-week drop of 15bps (See table 6 below).

Table 6: FGN Bonds Market

Source: FMDQ, Proshare Research 

We expect a quiet market next week as investors mull over the election outcome.

DMO Addresses Rising Domestic Borrowing 

To clarify the concerns about rising domestic borrowing and a possible surpassing of the 2023 domestic deficit funding requirement of N7.043trn, the Debt Management Office posted a press release stating that N2.129trn raised between January and February 2023 domestic FGN securities are not only designed to fund the budget deficit as alleged by some analysts. The domestic issuance is also used to refinance the FGN’s maturing obligations during the fiscal year. According to the press release, out of N2.129trn raised for January and February, only N1trn has been deployed for deficit financing, representing 14.2% of the total requirement of N7.043trn for the year while the balance of the raised funds is for refinancing maturing obligation.

The DMO explained that they are only maximizing the opportunity of the strong investors’ demand to raise funds to facilitate early implementation of the 2023 Budget. Analysts argue that irrespective of the objective of the funds borrowed, the acquisition of more debt than required mounts pressure on debt servicing and revenue available for capital expenditure. Acquiring more debts with the expectation that total public debt will grow to N77trn after the securitization of Ways and Means might raise a question of debt sustainability in the country. 

Robust International Redeemed the N4bn Commercial Paper Issuance 

Robust International Commodities Limited has announced the full payment of the N4.026bn series 1 commercial paper under its N20bn commercial paper programme.  The series 1 CP issued for 180 days matured on January 23, 2023, and the issuance was subscribed by a wide range of institutional investors. The funds realized from the issuance were used for meeting its short-term capital requirement. Analysts expect the promptness of repayment to reaffirm investors’ confidence in the company’s future issuance.

Egypt Issues Sukuk Bond to Finance Eurobond Payment 

Egypt has hired banks for the sale of Sukuk bonds denominated in the US dollar. The funds realized from the issuance will be used to repay a US$1.25bn five-year Eurobond that will mature on February 21. The maturing Eurobond has a fixed interest rate of 5.57%. The exact amount to be raised was not disclosed but the document states that the 3-year sukuk benchmark size will be at least US$500m. The Ukraine war triggered the country’s financial crisis with the heavy foreign outflows from the Egyptian financial markets, this situation resulted in the country receiving a bailout of US$3bn from the International Monetary Fund. Despite the bailout, the country is still highly vulnerable as Moody’s recently downgraded its credit rating from B2 to B3 on February 7, 2023. The downgrade will make borrowing more expensive and sukuk bond investors will likely demand higher yields. This in turn raises the country’s public debt and debt-servicing obligations.

Equity Market

NGX – Listed Equities

• Year-to-date, the NGXASI closed positive at close the week with a gain of 6.62% as market capitalization settled at N29.93trn.
• Sectoral performance across sectors was broadly positive W-o-W. At the close of trading on Friday, fifteen (15) sectors closed positive while zero (0) sector closed negative while two (2) sectors closed flat W-o-W. NGX GROWTH topped the gainer’s chart with a gain of +14.86% W-o-W while no index closed negative(see chart1 below).

Chart 1: Movement of NGXASI Index Points 1^st FEB. 2022 – 24^TH FEB. 2022

Source: NGX, Proshare Research

NASD OTC Exchange - Unlisted Equities

The NASD OTC Security Index (NSI) and Market Capitalization closed the trading week on a positive note.  The NSI and Market capitalization closed the week at 715.15 points and 939.72 with an increase of 0.40% respectively (see table 7 below).

Table 7: NASD W-o-W Change

 Source: NGX, Proshare Research

Gote And Toni Index

Gote Index closed the week positive at 142.09 index points from 141.06 index points recorded previous week representing an increase of 0.73%. DANSUGAR, NASCON   and  DANGCEM  closed the week positive with 0.29%, 1.85% and 0.74% respectively W-o-W (see table 8  below).

Table 8: Gote Index W-o-W Change

Furthermore, the Toni Index closed positive at 127.53 index points from 124.80 index points recorded previous, representing an increase of 2.83% W-o-W UBCAP, AFRIPRUD, UBA, TRANSCORP and TRANSCOHOT closed the week positive at 0.98%, 1.61%, 1.80%, 8.33% and 7.44% respectively W-o-W (see table 9 below).

Table 9: Toni Index W-o-W Change

Analysts Expectation:

Analysts expects a bearish market as cash scarcity and election outcome as investors would be a deciding factor in Capital Market in the coming week

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