No Stability, No Democracy Bumpy Road Ahead, Fasten Your Seat Belts – LBS Breakfast Session (Oct’18 Edition)

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September 2018 “a month no one wants to remember” is how a sulking stockbroker described his experience at the Nigerian Stock Exchange. 

At the end of Q3 2018, the market was down 5.97% with Average Daily Trading Volume (ADTV) down 32%.  He was particularly pained, because according to him, there was no reason for such an avoidable bloodbath, as earnings were just beginning to recover and investors were finding some optimism again.  

That is why the unfortunate allegations of wrongdoing against MTN which seemed to lack clarity sent jitters down the spines of potential, existing and former investors in the Nigerian Capital Markets. 

Thank God, the CBN is now beginning to sound more conciliatory and is seeking an amicable solution to this unnecessary hiccup.

Some other economic indicators which are nominally positive but directionally negative include the inflation rate rising to 11.23%, the fall in the oil rig count by 12.5% to 14 and External Reserves down 3.18% to $44.4bn. These indicators are making already nervous investors sit on the edge of their seats. 

However, some positive developments will put a smile on Nigerian faces especially the price of Brent Oil at $85pb a 4½ year high and the possibility of a new minimum wage. 

In the attached slides, these issues are analysed in detail by Bismarck J. Rewane and the FDC think Tank at this month’s LBS Breakfast Session.


  • Domestic Overview
  • Global Picture
  • September Highlights
  • Stock Market Review
  • Policy and Politics
  • Outlook for October

Enjoy your read!

Please click here to download The LBS Executive Breakfast Session – Oct 2018