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November 19, 2021 Economic Growth Moderates on Waning Base Effects

In line with our expectation, Nigeria’s economy grew slower in Q3-21 compared to the prior quarter, as the impact of the favourable base from the prior year began to dissipate. According to the recently released GDP report by the National Bureau of Statistics (NBS), the Nigerian economy grew by 4.03% y/y in Q3-21 (Q2-21: +5.01% […]

July 23, 2021 Economic and Market Report –Week-ended July 23, 2021

Global Economy The Governing Council of the European Central Bank (ECB) elected to keep the key policy rate unchanged at 0.00% at its July policy meeting. The Council noted that the decision was hinged on the need to push inflation higher and mitigate the risk posed by the Delta variant of the COVID-19 pandemic on […]

July 16, 2021 Economic and Market Report –Week-ended July 16, 2021

Global Economy According to the Bureau of Labour Statistics (BLS), headline inflation in the US jumped by 40bps to 5.4% y/y in June (May: 5.0% y/y) – the sixth consecutive month of increase and the highest since August 2008 (5.4% y/y). Although the increase was concentrated in few categories, we note that it was also […]

July 9, 2021 Economic and Market Report –Week-ended July 09, 2021

Global Economy Private sector activity in the Eurozone expanded to a 15-year high in June in line with the faster expansion across factory activities. According to the IHS Markit, the Eurozone composite PMI surged to 59.5 points in June (May: 57.1 points) – the highest since June 2006, reflecting the pent-up demand that accompanied the […]

July 3, 2021 Economic and Market Report – Week-ended July 02, 2021

Global Economy In our recently published H2-21 Global macroeconomic outlook (see report: Navigating the Uneven Path of Recovery), we reviewed global macroeconomic activities in H1-21 and discussed our views on what we expect in the second half of the year. The global economy appears to be decoupling itself from the havoc caused by the pandemic […]

H2-21 Outlook –Navigating the Uneven Path of Recovery

After a tumultuous year of extreme volatility, a relative calmness has been restored to the financial market. While the positive sentiments that pervaded the equities market in H2-20 extended into the early part of the year, it was short-lived as earlier-than-anticipated reversal in the yields on fixed income (FI) instruments dampened appetite for stocks. In […]

June 12, 2021 Q1:2021 Foreign Trade Statistics Report: Nigeria’s Woes Deepen on Lower-than-Expected Crude Oil Earnings

Fresh data emerged this week on the worrisome state of Nigeria’s merchandise trade position with the rest of the world. According to the National Bureau of Statistics (NBS), Nigeria recorded a Goods trade deficit of ₦3.9tn in Q1:2021 (2.6% of GDP), the highest in more than twelve successive quarters. This was jointly driven by a […]

Economic and Market Report – Week-ended June 11, 2021

Global economy According to the latest data released by the Chinese National Bureau of Statistics (NBS), headline inflation rose by 40bps to 1.3% y/y in May (April: 0.9% y/y) – the highest since September 2020 (1.7% y/y). We highlight that the increase in the headline index was due to a faster price increase in the […]

June 11, 2021 Bullish Run Sustained as Investors Hunt for Bargains

This week, the bullish trend in the domestic equities market was extended as the NSE All-Share Index rose 1.1% w/w to settle at 39,156.28 points while YTD loss moderated to -2.8%. The positive performance was driven by bargain hunting in notable bellwether stocks – DANGCEM, WAPCO, STANBIC and SEPLAT. As a result, market capitalisation rose […]

May 10, 2021 Local bourse Gains

Price appreciation in ZENITH (+3.6%), GUARANTY (+2.6%) and WAPCO (+2.2%) buoyed market performance as the All-Share index rose 29bps to close at 39,312.74 points. Consequently, YTD loss improved to -2.4% while market capitalisation rose ₦59.4bn to ₦20.5tn. Trading activity improved as volume and value traded rose 35.7% and 11.1% to 324.2m units and ₦3.3bn respectively. […]

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