October 30, 2020/Cowry Asset
Freshly released Purchasing Managers’ Index (PMI) survey report by Central Bank of Nigeria (CBN) showed that manufacturing and non-manufacturing sectors witnessed further recovery from contraction, nearing 50 index points (which indicates neutrality), as production level and business activities picked amid improved new orders. Specifically, the manufacturing composite PMI printed slower contraction to 49.4 index points in October (from 46.9 in September), the sixth consecutive contraction.
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