Investors at the local bourse gained N82.84 billion ($230.11 million) during the week. The local currency, Naira, also maintained stability as CBN sustained the market with its weekly FX sales, offering $205 million.
Here are some of the activities that may impact the Nigerian market outlook this week:
Godwin Emefiele's second term in office begins
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, kicks off his second term in office today.
Emefiele's first tenure expired last Friday after five years tenure. He was recently re-appointed and ratified by the parliament for another five-year term, the first CBN governor to do so since 1999 after return to civil rule.
Oando vs SEC saga
On Friday, the Securities and Exchange Commission (SEC), the Nigerian capital market regulator fired the board management and Group CEO and deputy Group CEO of Oando Plc. The SEC said it was acting based on a forensic report conducted after aggrieved shareholders raised a petition against the oil firm.
Defending its position on the matter, Oando said the commission denied it a fair hearing in the whole process and expressed rights to challenge the decision in the law court to protect it's business and property.
Two days Eid Fitri break
The formal sector will witness a two-day break this week hampering on major economic activities of the country.
The market will be closed today and re-open on Thursday to trade for two days. Within this period, government offices and major decisions will be held down, while the nation's port and banking activities will be closed for the holiday.
Trade wars and tensions at the global market
The month of May 2019 was the worst-performing month for crude oil futures in the global market since last November. On Monday morning, the Brent crude oil price, international oil market which Nigeria trade on, slipped 1.1% to $61.28 per barrel as a result of fresh trade worries after U.S. President Donald Trump threatened tariffs on Mexico.
The U.S. and China tension is also a major concern to the global growth outlook.
NBS report on Household Consumption and Expenditure Q1, 2019
The National Bureau of Statistics will release first quarter report on the Household Consumption and Expenditure on Friday, June 7.