Business confidence nears record-low, says Stanbic IBTC

Some companies reported having brought forward purchasing and expanded inventories ahead of predicted increases in the cost of materials in the months ahead. This, allied with increasing workloads, meant that stocks of purchases were accumulated to the largest degree in eight months.

Business confidence dropped to the second-lowest on record in June and was only fractionally above last November’s nadir. The Head of Equity Research West Africa at Stanbic IBTC Bank, Muyiwa Oni said that even though overall business conditions remained on a positive trajectory, firms faced a much stronger inflationary environment in June following the removal of the fuel subsidy.

He said, “Input prices increased at the fastest pace since Aug 22, while the rate of selling price inflation accelerated sharply as firms passed higher costs on to their customers. “Consequently, rates of expansion in output and new orders softened during the month. Notably, business confidence dipped to a near-record low while companies expand inventories to try and get ahead of further price increases.”All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tinubu to investors: Nigeria is serious with business | Our policy will be consistent | TheCablePresident Bola Ahmed Tinubu has reiterated his commitment to ensuring consistency in policy and a better business climate to attract investment.
Source: thecableng - 🏆 2. / 80 Read more »

Tinubu assures investors of policy consistency, restates Nigeria's readiness for businessMr Tinubu recalled that attracting fresh investment was a promise he made personally to Nigerians during the campaigns and vowed...
Source: PremiumTimesng - 🏆 3. / 78 Read more »

Explore waste management, recycling business opportunity - Edo Commissioner to investorsThe Edo State Commissioner for Budget, Economic Planning and Development, Mrs Adaze Aguele-Kalu, has called on investors within and outside the state to
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Prepare for future disruptions, Rainoil GMD tells business leadersEntrepreneurs must adopt changes to stay ahead of the game and successfully navigate the macro-forces influencing the Nigerian business environment, the Group Managing Director of Rainoil Ltd, Dr Gabriel Ogbechie has stated.
Source: MobilePunch - 🏆 8. / 63 Read more »

Gbenga Adebija joins USAccelerator to 'help entrepreneurs navigate US business ecosystem' | TheCableGbenga Adebija, a Nigerian businessman, has joined USAccelerator, an American professional service company. USAccelerator advises and supports international businesses on their entry and acceleration of market growth in the US.
Source: thecableng - 🏆 2. / 80 Read more »