Business woes deepen in H2 as PMI drops to eight-month low

• Five banks accounted for 80.8% industry PAT in 2023 Index , which shows a steep deterioration from the preceding month of June. According to Stanbic IBTC’s readings, headline… Index , which shows a steep deterioration from the preceding month of June.

Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show deterioration. The renewed worsening in the health of the private sector mainly reflected the first reductions in output and new orders since November last year. In both cases, rates of decline were only modest, however.

The report said the FUGAZ banks also took the lion’s share of 79.3 per cent of industry profit before tax , in the same year. The report said banks gained N2.6 trillion from FX trading and revaluation owing to favourable net FX positions. It also noted that “reformsˮ targeted at accelerating the cashless economy drove a sharp upturn in deposits, up 71.

“These, along with sharp interest rate hikes in H2, toughed head-winds for businesses operating in an economy without adequate infrastructure support, rife with insecurity, and in dire need of sector-specific policy rework. Expectedly, real sector players suffered historic underperformance as firms booked significant losses owing to FX and interest rate pressure, as well as pressure on sales.”

Property worth millions of naira was razed in three shops yesterday following a fire outbreak at the famous Ladipo plank market, Baale Roundabout, Orile-Iganmu, Lagos. The Guardian learnt that the fire started at about midnight. The spokesperson for the Lagos State Emergency Management Agency , Nosa Okunbor, who confirmed the incident, said the agency received…

Cross River, Warri, Ughelli, others shun protest Peace in Yenagoa, the Bayelsa State capital, was almost breached as Ijaws youths, yesterday, dispersed pockets of protesters who dared their resolve, as well as that of the Niger Deltans by taking part in the ongoing nationwide protest.

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