Investors lose appetite for restaurant stocks despite technology boom
Investors have dumped technology stocks as firms are yet to recover from a severe dollar shortage and a sharp in oil price that tipped the country in its first recession in 25 years.
The country has however existed a recession as GDP grew by 0.55 percent, and 1.40 percent in the first and second quarters of the year, according to a recent report by the National Bureau of Statistics (NBS).
While the financial services and the consumer goods sectors have seen improvement in operating activity on the back of improved dollar supply-thanks to the introduction of the Investors’ and Exporters’ (I &E) by the central bank-it is perhaps worrisome that impact of the policy hasn’t been felt by tech firms.
The average year to date (YTD) return of the seven ICT firms listed on the Nigerian Stock Exchange (NSE) traced by BusinessDay was at a decline of 7.03 per cent as at Monday 27th of November, which is 45.77 percentage points away from the NSE all-share index valued at 38.74 per cent as at that date.
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