Nigeria | - Part 48

Nigeria Third Quarter 2016 Trade Deficit Narrows on Currency Controls and Weaker FX Rate

LAGOS (Capital Markets in Africa) – The National Bureau of Statistics (NBS) released Q3: 2016 Foreign Trade Statistics on 1st December 2016. The report showed Q-o-Q improvement in trade deficit which narrowed to the lowest in 2016 as an impact of the weaker exchange rate in the period inflated exports data (reported in Naira) while currency controls pared growth in imports. Trade deficit improved 78.5% Q-o-Q to N104.1bn from N484.2bn in Q2:2016 while Merchandise trade (sum…

Nigeria Capital Markets Update Week Ending Nov 25 2016

Posted on by The Editorial Team

Equities Market Review and Outlook The All Share Index (ASI) closed in the red for the 6th consecutive week as the broader index depreciated on four of five trading days. The week started on a negative note as the NBS published its Q3:2016 GDP report on Monday, indicating a further contraction in domestic output in Nigeria. Meanwhile, an expectation of the outcome of the MPC meeting held from Monday to Tuesday kept market soft on…

MPC Maintains Status Quo but Ignores Elephant in the Room …

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The Monetary Policy Committee (MPC) held its scheduled 6th and final meeting for 2016 on the 21st and 22nd of November. The conclusions from the two-day deliberations were broadly in consonance with our prognosis in the Pre-MPC note; “Blunted Policy Tools Call for Rollback of Administrative Measures” where we projected that the MPC will likely hold all rates constant whilst reinstate the need for the CBN’s hierarchy to properly…

Nigerian lawmakers say 2017 draft budget has unrealistic assumptions

Posted on by The Editorial Team

ABUJA (Capital Markets in Africa) – A draft budget framework for 2017 submitted to parliament by Nigerian President Muhammadu Buhari is based on unrealistic assumptions about oil production and the currency exchange rate, lawmakers said on Wednesday. Nigeria slid into recession in the second quarter for the first time in 25 years , largely because oil price fell. Crude oil sales account for 70 percent of government revenue. The budget plans, which include spending a record…

Nigerian Equity Markets | 23 Nov 2016: Bulls Creep into The Market … NSE ASI up 21bps

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The hunt for a bargain in value counters halted the erstwhile unrelenting negative performance of the benchmark index as the NSEASI gained 21bps to close at 25,517.00 points at the end of the trade. Accordingly, market capitalization advanced by N19.2bn to settle at N8.8tn. Today’s positive performance was largely as a result of bargain hunting in NESTLE (+1.3%), GUARANTY (+1.2%), PZ (+4.9%) and NIGERIAN BREWERIES (+0.2%). Market activity was…

Nigerian recession deepens in Q3, oil output falls

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s recession deepened in the third quarter and oil production fell, the National Bureau of Statistics (NBS) said on Monday, as a dollar shortage kept Africa’s biggest economy in a stranglehold. Gross domestic product contracted by 2.24 percent year-on-year, the NBS said. That was even worse than the 2.06 decline in the second quarter when Nigeria fell into recession for the first time in 25 years. The data came on…

Nigerian Equity Markets | 22 Nov 2016: Extend Losing Streak to 8th Session… NSE ASI Down 17bps

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The equities market continues to post losses as the All Share Index (ASI) closed lower for the 8th consecutive session. The ASI declined 17bps today to close at a 7-month low of 25,462.28 points, bringing YTD loss of the index to 11.1%. Market capitalization also dipped N12.9bn to settle at N8.8tn as overall performance was weighted down by sell pressure in FORTE (-9.7%), TOTAL (-5.0%) and PZ (-3.3%). However,…

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