November 20, 2020/Cowry Asset Report
Recently released Purchasing Managers’ Index (PMI) survey report by Central Bank of Nigeria (CBN) showed that manufacturing sector hit 50.2 index points while the non-manufacturing sector witnessed further recovery from contraction, nearing 50 index points (which indicates neutrality), as production level and business activities picked. In line with our expectations, the manufacturing composite PMI rose from contraction to 50.2 index points in November (from 49.4 in October), following sixth consecutive months of contraction since May 2020.
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