Category: Research

Nigerian Stocks: Worth a second look

Now that we are almost three-quarters through the year, Nigeria stock market investors might want to take a look at what factors and sectors have driven the market’s performance and

Taking stock of the LDR policy

In 2019, the Central Bank of Nigeria decided to introduce a policy that, in its view, would stimulate the economy while keeping monetary policy tight. A little over two years

Nigerian Banks: H1 2021 Scorecard

The scorecard for the listed banks that have reported their H1 results is mixed.  We believe that it is a matter of timing changes in interest rates and that Q3

Interest rates and banks’ margins

At the end of the second quarter of the year we wrote about how Nigerian banks were moving lending rates in order to accommodate rising market interest rates (see Coronation

Why equities have been so bad

Over the past three weeks, the Nigeria Weekly Update has examined how total cumulative equity returns (returns with dividends reinvested) have outperformed equities this year and examined the best dividend-paying

Dividend yields and investment returns

As fixed income yields tighten the dividend yields of some of the largest stocks listed on the NGX Exchange are beginning to look juicy. From our own brokerage activity, we

The role of dividends in total return

For the past 10 weeks we have documented the flow of liquidity back into the Nigerian Treasury Bill (T-bil) and FGN bond markets, and the resulting fall in yields. Yet

Why you need to study Total Equity Returns

Wise investors in the Nigerian equity market count the dividend yields of the stocks they hold.  These days, and with T-bill yields and bond yields trending downwards (and far below

FX policy déjà vu

Last week, in a surprise announcement, the CBN governor halted the sale of the apex bank’s FX to Bureau De Change (BDC) operators. The statement, and reasons given for the

MPC likely to hold rates

The monetary policy committee (MPC) meets today and tomorrow. At its last meeting held in May, the committee was faced with two broad options: address the high inflationary pressure or

  • Featured
Year Ahead-Re-risking the financial system

Oil prices: In a global oil market threatened with over-supply, it appears that OPEC, and its ally Russia, are doing a good job of limiting production.

  • Featured
Year Ahead-Re-risking the financial system

Year Ahead 2020: Re-risking the financial system

Oil prices: In a global oil market threatened with over-supply, it appears that OPEC, and its ally Russia, are doing a good job of limiting production.