Saturday, March 23, 2019 08:00 AM / Proshare Content
Nigeria: Economic Dashboard @ 220319
Source: Vetiva Weekly Market Wrap – March 22, 2019
Market Posts First Positive Close in Seven Sessions
After recording four negative sessions, the NSE ASI gained 82bps on Friday, erasing this week’s losses to a mere 1bp. The Industrial Goods sector (+172bps) recorded the most gains today, thanks to upticks in CCNN (+450bps) and DANGCEM (+85bps). Similarly, the Banking sector (+137bps) and Consumer Goods sector (+40bps) closed positive after gains in GUARANTY (+373bps), UBA (+130bps), INTBREW (+811bps) and DANGFLOUR (+265bps) outweighed losses in UNITYBNK (-471bps) and PZ (-667%). Finally, the Oil & Gas (-36bps) sector was the sole loser today, following the decline in FO (-107bps).
• Despite a positive close today, we highlight that the sentiment in the market still remains weak. On the back of this, we expect seesaw trading next week, as the interplay between bargain hunting and sell-offs continues.
• Stock Watch: JBERGER released its FY'18 results today posting topline and bottom line figures of ₦194.6 billion (+37% y/y) and at ₦6.1 billion (+142% y/y) respectively. The stock closed the week at ₦27.50.
The CBN returns one-year bill to OMO auction
• This week, the CBN mopped up ₦409 billion in two OMO auctions, while also conducting a PMA on Wednesday, where it sold the full offer of ₦49 billion. Significantly, Thursday’s OMO auction saw the return of the longdated paper, with the 350DTM bill closing at a lowered stop rate of 13.04%, as the CBN mopped up the ₦121 billion OMO maturity. Similarly, stop rates of the 1-year bill at the PMA closed at 12.35%, with stop rates on the other maturities also closing lower than previous PMA levels. Amidst this, the Interbank Call rate declined 208bps w/w to settle at 14.25%.
• Meanwhile, whilst sentiment was mixed in the secondary T-bills space this week, with see-saw market activity driven by supply and demand, market tilted negative for the week with T-bill yields advancing 23bps on average w/w. Notably, the yields on the 41DTM and 321DTM bills advanced 105bps and 55bps respectively to settle at 11.67% and 14.87%. Meanwhile, the bond market saw a quiet week, with a slightly negative tilt, with benchmark bonds advancing 1bps w/w. Specifically, whilst a sell-off was observed on the 13.98% FGN FEB 2028 bond (yields advanced 14bps to settle at 14.38%), buy interest was noted on the 12.40% FGN MAR 2036 bond, which advanced 11ps to settle at 14.13%.
• We expect the bond market to start the week quiet, as investors await the MPC announcement on Tuesday and the bond auction scheduled for Wednesday. Also, we expect mild demand in the t-bills market in the absence of an OMO auction at week start.
• The Naira depreciated ₦0.25 w/w at the I&E FX Window to settle at ₦360.43 and remained flat w/w at ₦358.50 against the dollar in the parallel market.
• We expect the naira to remain largely stable across the various windows of the currency space as the CBN maintains interventions in the FX market.
Sunday, March 24, 2019
The First Bank of Nigeria will on this day hold 125th Anniversary Celebration & Thanksgiving Service at Harbour Point, 4 Wilmot Point Road Victoria Island Lagos.
Monday, March 25, 2019
The Central Bank of Nigeria will hold the Monetary Policy Committee Meeting while the Africa CEO Forum Awards will hold same day at Kigali Rwanda.
The National Bureau of Statistics will on this day release the Jamb admitted Candidates by States and Gender within Faculty (2018) while Phillips Consulting will on same day hold training on Cobit 5 Assessor.
Tuesday, March 26, 2019
The Centre for Financial Journalism will on this day hold its Annual Lecture Series with the theme: Leveraging The African Continental Free Trade Agreement for Nigeria’s Economic Development while the Nigerian Stock Exchange will on same day hold training on Exchange Traded Derivatives for Compliance Officers.
The Nigerian Stock Exchange will on this day hold training on International Introduction to Securities & Investments Training (CISI UK) while the Fintech Association of Nigeria will on same day hold the FINTECH Capital Market MEETING at Access Bank Head Office.
The Africa Prudential Plc will on this day hold its Annual General Meeting at Balmoral Hall, Federal Palace Hotel, Victoria Island, Lagos while the Afriland Properties will on same day hold its Annual General Meeting at The Federal Palace Hotel, Victoria Island, Lagos.
Wednesday, March 27, 2019
The Institute of Chartered Accountants of Nigeria will on this day hold the ICAN MCPE training on CONSULTANCY Sector, at Lagos Airport Hotel, Ikeja, Lagos State while the 5th Agrofood Nigeria 2019 will hold same day at Landmark Centre Victoria Island.
Thursday, March 28, 2019
The Financial Reporting Council of Nigeria & Institute of Directors Nigeria will on this day hold the Stakeholders Forum on Nigerian Code of Corporate Governance 2018 at Civic Center, Ozumba Mbadiwe Avenue, Victoria Island, Lagos while the Association of Issuing House of Nigeria will on same day hold the 2019 Association of Issuing House of Nigeria's Semi-Annual Business Launch at Wheatbaker Hotel, Ikoyi Lagos.
The Phillips Consulting will on this day hold CIO Breakfast Meeting with the theme Digital Transformation and Cyber Security: The Emerging Trends at Iris Hall, Eko Hotels & Suites, Victoria Island Lagos.
The Nigerian- British Chamber of Commerce will on this day hold the 1st Quarter Members Evening at Landmark Event Centre Victoria Island Lagos while the Nigerian- American Chamber of Commerce will hold Training on Customer Relationship Management at NACC Board Room 19A Sinari Daranijo Street, Off Ajose Adeogun Victoria Island, Lagos.
Friday, March 29, 2019
The Nigerian Stock Exchange will on this day hold training on Automated Trading System (ATS) while Fintech Association of Nigeria will on same day hold Innovate Finance Global Summit at The Guidhall, London, United Kingdom.
The Chartered Institute of Bankers of Nigeria will on this day hold CIBN Research, Strategy and Advocacy Committee (RSA) retreat in Lagos Nigeria while Wema Bank Plc will on this day hold the Wema Bank's Hackaholics at Wema Bank Codeville.
The National Bureau of Statistics will on this day release the 2019 Sustainable Development Goals Indicator, Federation Account Allocation Committee (FAAC) February 2019 Disbursement, and Road Transport Data (Q4, 2018)
Saturday, March 30, 2019
The National Bureau of Statistics will on this day release the Labor Force Statistics Volume 2: Unemployment by Sector Report (Q2 2018).
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