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Proshare Nigeria
May 29, 2020
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After delivering a stellar ROAE of c.23.4% in 2019, we expect UBA's ROAE to decline to 12.1% in 2020E. Management has not provided guidance for 2020E. However, we have cut our 2020E EPS forecast by 11% because the bank's Q1 2020 PAT missed our forecast by a wide margin due to a negative result of -N15.4bn in other comprehensive income (OCI).
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May 29, 2020
Dangote Cement (DangCem) delivered a decent underlying Q1 2020 performance, posting PBT growth of 12% y/y to N88.1bn. The Nigerian business recorded its highest quarterly sales of N179.3bn (up +6% y/y), supported by an average price increase of c.5% y/y to N44,633/tonnne. Nonetheless, we have cut our sales and EPS forecasts for 2020E by around -5% and -10% respectively, given a more subdued outlook for cement sales as countries fight to slow the spread of the coronavirus pandemic.
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May 29, 2020
The monetary policy committee (MPC) created a surprise yesterday by cutting the policy rate by 100bps to 12.50% on a majority vote (seven to three). The minority wanted additional easing, and so underlined the dramatic change in sentiment from the unanimous vote for an unchanged stance in March. The other policy parameters were unchanged.
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ACCESS 7.10 Proshare-3.4%
FBNH 5.50 Proshare-3.51%
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FMDQ Fixings Data
As on May 27, 2020
(Delayed by 12 Hours)
Tenor Rate (%) Change (%)
O/N 15.0833 Proshare3.02
1M 5.9325 Proshare0.25
3M 6.7676 Proshare0.73
(Delayed by 12 Hours)
Tenor Rate (%) Change (%)
1M 2.0626 Proshare0.02
3M 2.0195 Proshare-0.11
6M 2.5582 Proshare-0.03
AFEX Data
As on May 05, 2020
Commodity Price (₦) Points
Ginger 512,667.00 0.00
Paddy Rice 131,666.00 136.29
Soybean 112,667.00 178.87
Maize 110,667.00 180.57
Cocoa 909,333.00 0.00
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