06 May 2019 : The economic calendar for Nigeria is relatively light this week with PMI figures and unemployment data under the radar.

Sentiment towards the nation has already received a boost today after the Stanbic IBTC Bank Nigeria PMI expanded to 55.5 in April 2019 from 53.6 in the previous month. With the reading suggesting signs of improving health and stability in Nigeria’s private sector, this positive sentiment has the potential to support local equities in the near term. However, external forces in the form of renewed trade tensions and geopolitical risks may fuel risk aversion consequently limiting upside gains. The next major event risk for the Nigerian economy will be on Friday when the unemployment rate for Q4 is scheduled for release. Market players will be looking to see whether the improving domestic conditions have translated to a drop in the unemployment rate.

Reporting for EasyKobo on Monday , 06 May 2019 in Lagos, Nigeria

Source: Lukman Otunuga, FXTM Research Analyst