Author: merchant-bank
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The curious equity market rally
The Nigerian Stock Exchange All-Share Index (NSE-ASI) staged a rally last week (see Model Equity Portfolio), reflecting optimism. Part of that optimism came from market speculation, later confirmed, of a deal between the US, OPEC and Russia to reduce oil production. But oil prices have barely rallied and Brent crude, at US$32.12/bbl, is well short […]
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The strange case of Africa and COVID-19
Last week several countries, including Nigeria, announced a gradually loosening of lock-down restrictions associated with the COVID-19 pandemic. A gradual return to normal life is planned because it is feared that a full resumption of normal life could lead to a renewed outbreak of infections. Meanwhile, several international newspapers report on the curiously low impact […]
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Short and long currency cycles
Last we noted that the Central Bank of Nigeria (CBN) is in no hurry to raise market interest rates and that – most of the time – Nigeria’s commercial banks are liquid, usually reporting over N500.0bn (US$1.3bn) in total closing balances. This situation is consistent with a pro-growth policy, and indeed all market interest rates […]
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Interest rate conundrum
The Federal Government of Nigeria (FGN) is proposing a revised budget for 2020 which is designed to generate a deficit in the region of N5.2 trillion (US$13.5 billion), up from the previous estimate of N2.2 trillion. Normally one would expect the prospect of rising government debt to spur interest rate rises. But there appears to […]
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Coronation Merchant Bank holds virtual AGM, appoints substantive MD
Coronation Merchant Bank Limited held its 5th Annual General Meeting (AGM) on Tuesday, April 14, 2020. The meeting, which took place at the Bank’s head office, was held in strict compliance with social distancing rules and the directives of the Federal and Lagos State Governments. Only nine persons attended physically, while others participated via video […]
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Oil prices, the new normal
The Nigerian Stock Exchange All-Share Index (NSE-ASI) staged a rally last week (see Model Equity Portfolio), reflecting optimism. Part of that optimism came from market speculation, later confirmed, of a deal between the US, OPEC and Russia to reduce oil production. But oil prices have barely rallied and Brent crude, at US$32.12/bbl, is well short […]
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Sending flares to the world
Nigeria needs help to tide it through the coronavirus lock-down. Without the kind of financial penetration and large government of developed countries, it is very difficult for it to inject liquidity into its financial system effectively. In fact, the crisis underlines the limited size of the Nigerian government and of central bank resources. Therefore help […]
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Coronation Merchant Bank appointed as joint issuing house for Dangote Cement Plc’s 5-year Fixed Rate Senior Unsecured Bonds
The book build for the Dangote Cement PLC Series 1, 5-year Fixed Rate Senior Unsecured Bonds, under its NGN300 billion Debt Issuance Programme is now opened. We are pleased to inform you that the book build for the Dangote Cement PLC (“Dangote Cement” or “DCP”) Series 1, up to NGN [100] billion 5-year Fixed Rate […]
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Stimulus in a time of austerity
Last week the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its Monetary Policy Rate (MPR) at 13.50%, thus becoming one of the few central banks in the world not to signal (and the MPR is to some extent a signal – see the actual market rates listed on this page) […]
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Update from Coronation MB CEO on COVID-19
Staying Safe Beyond the Lockdown MAY 03, 2020 Dear Customer, We trust you and your loved ones have been keeping safe and well during the lockdown period. We would also like to thank you for your understanding and cooperation over the last few challenging weeks. We can all agree that the safety of lives remains […]
