The equities market closed today on a negative note, as NSE ASI depreciated by 1.80% to close at 27,379.95basis points, compared with the 0.25% appreciation recorded previously.
As you are aware, there have been a number of media reports referencing the temporary suspension of FirstBank from the Nigerian foreign exchange market on account of failure to comply with the Treasury Single Account (TSA) policy. FirstBank wishes to confirm, that it has been and remain in compliance with all tenets of the TSA policy.
angote Cement’s (DangCem’s) Q2 2016 PAT beat our forecast by a considerable margin and grew strongly (+132% y/y). However, the results were mainly driven by fx gains. Excluding the gains, the underlying results were weak. As such, we have increased our EPS forecasts by only 6% on average over the 2016E-18E period.