ARM Securities Limited

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ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape. ​

Regulatory Information

  • Regulatory Status: Regulated by Securities and Exchange Commission of Nigeria

EUR 4.00

March 2024 CPI Report: A Moderation in Sight?

The National Bureau of Statistics (NBS) published the Consumer Price Index (CPI) for March 2024. Headline inflation sustained its upward trajectory, climbing 150bps to 33.20% Year-on-Year (YoY), up from 31.70% YoY recorded in February 2024. This was driven by significant increases in its two (2) main subcomponents: food (+209bps to 40.01% YoY) and core (+77bps to 25.90% YoY) inflation. On a Month-on-Month (MoM) basis, the headline inflation declined slightly by 10bps to 3.02% MoM compared to 3.1...

04/17/24 April 17, 2024 6 EN
EUR 4.00

Banking Sector Update | Review of Minimum Capital Requirements for Ba...

Review of Minimum Capital Requirements for Banks On the 28th of March 2024, the Central Bank of Nigeria announced the much-anticipated bank recapitalization guideline. For the recapitalization exercise, the CBN defined the minimum capital for existing banks as paid-up capital and share premium only. This definition effectively excludes shareholders’ funds from the computation.

04/03/24 April 3, 2024 8 EN
EUR 4.00

March 2024 Monthly Fixed Income Market Update | Where are Yields Risin...

Where are Yields Rising to? At the end of March 2024, the secondary Fixed Income (FI) market continued to note upward pressure on yields on a Month-on-Month (MoM) basis. The average yield in the Nigeria Treasury bills (NT-bills) market increased by 76bps MoM to close at 17.66%. Similarly, the FGN Bond market closed negative as the average yields surged by 219bps MoM to settle at 19.41%. As a result, the average Naira fixed income market yield climbed by 148bps MoM to conclude at 18.54%.

04/03/24 April 3, 2024 8 EN
EUR 4.00

March 2024 Monthly Equities Report | Positive Investor Sentiment Acros...

 Global Market Overview: Bull Run Continues - Poised for Further Growth?In March 2024, the global equities market maintained its upward trend, extending its positive performance for the fifth (5th) month in a row. Consequently, the MSCI world Index surged by 3.01% month-on-month (MoM). This positive momentum extended to most of the major global Indices under our coverage, except for the China's SHCOMP index which declined by 0.15% MoM. Domestic Market: Equities Market Rebounds on the Back of Bar...

04/03/24 April 3, 2024 7 EN
EUR 4.00

Post Monetary Policy Committee Meeting March 2024 - CBN Maintains Hawk...

The second (2nd) Monetary Policy Committee (MPC) meeting in 2024 held on the 25th and 26th of March. The committee reviewed recent economic and financial developments as well as assessed risks to the outlook. Following its deliberation, the committee decided to tighten the MPR by 200bps to 24.75% from 22.75% in February 2024. This move reflects the Central Bank of Nigeria's (CBN) efforts to curb inflation and attract Foreign Portfolio Investment (FPI) inflows. In addition to raising the MPR, the...

03/27/24 March 27, 2024 5 EN
EUR 4.00

Post Monetary Policy Committee Meeting February 2024 - MPC Takes a Mor...

The first (1st) Monetary Policy Committee (MPC) meeting chaired by the new Central Bank of Nigeria (CBN) Governor, Dr. Yemi Cardoso, was held on the 26th and 27th of February 2024. At the meeting, monetary policy tools were aggressively tightened to rein in inflation and curb excess money supply. The Committee after several considerations came to the following decisions: Hike the Monetary Policy Rate (MPR) by 400bps to 22.75% from 18.75%. Adjust the asymmetric corridor to +100/-700 bas...

02/28/24 February 28, 2024 4 EN
EUR 4.00

Q4:2023 and 2023FY GDP Report | Nigerian Economy Still On the Path of ...

Yesterday, the National Bureau of Statistics (NBS) published the Gross Domestic Product (GDP) report for Q4:2023. For the thirteenth (13th) consecutive quarter since Q2:2020, the Nigerian economy grew by 3.46% YoY, an improvement from Q3:2023 (+2.54% YoY). This was spurred by growth in both the oil (+12.11% YoY in Q4:2023) and non-oil (+3.07% YoY in Q4:2023) sectors. However, in 2023FY, the economy slowed down to 2.74% YoY compared to 3.10% YoY recorded in 2022FY. The slower pace of growth in 20...

02/23/24 February 23, 2024 4 EN
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Q4 2023 Capital Importation Report- Turning the Tide Nigeria Sees Capi...

Recently released by the National Bureau of Statistics (NBS), the Q4:2023 capital importation report reveals a 2.62% year-on-year (YoY) increase, reaching USD1.09bn compared to the USD1.06bn recorded in Q4:2022. This growth stems from a significant rise in two major components: Foreign Direct Investment (+ 118.42% YoY to USD 183.97mn) and Foreign Portfolio Investment (+8.59% YoY to USD 309.76mn). However, Other Investment declined by 13.96% YoY to USD594.75mn during this period. Quarter-on-quar...

02/20/24 February 20, 2024 4 EN
EUR 4.00

Q3:2023 GDP Report | A Show of Resilience amid Economic Challenges

In the recently published Q3:2023 GDP report by the NBS, the Nigerian economy grew modestly by 2.54% YoY compared to 2.51% YoY in Q2:2023. This marks the twelfth (12th) consecutive quarter of expansion since H2:2020, underscoring the doggedness of the Nigeria economy despite macroeconomic and structural challenges including inflationary pressure, high-interest rate environment and insecurity issues. In Q4:2023, we expect further improvement in GDP figures spurred on by the optimism surrounding ...

11/27/23 November 27, 2023 4 EN
EUR 4.00

Q2:2023 Capital Importation Report | Structural Issues Continue to Con...

Recently, the National Bureau of Statistics published its Capital Importation data for Q2:2023. On a year-on-year (YoY) basis, total Capital Imported dipped by 32.90% to USD1.03bn in Q2:2023 compared to USD1.16bn imported in Q2:2022. This reflects significant decline in two of its major components, Foreign Direct Investment (-41.54% YoY to USD86.03mn) and Foreign Portfolio Investment (-85.89% YoY to USD106.85). However, its third component, Other Investment (+32.73% YoY to USD837.34mn) increased...

10/11/23 October 11, 2023 5 EN
EUR 4.00

January 2024 CPI Report: Uptrend Continues

According to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), the Headline inflation for January 2024 increased by 98bps, reaching 29.90% Year-on-Year (YoY) compared to the 28.92% YoY recorded in December 2023. The sustained elevation in headline inflation is attributed to increases in the two major sub-components: Food inflation rose by 148bps to 35.41% YoY, and Core inflation increased by 52bps to 23.59% YoY. On a Month-on-Month (MoM) basis, Headline i...

02/18/24 February 18, 2024 3 EN
EUR 4.00

2023FY FBNH Unaudited Financial Result | Interest Income & Non-Interes...

FBNH released the unaudited Full-year results for 2023, revealing a respective 88.52% YoY and 129.41% increase in Gross earnings and Profit Before Tax (PBT). Major drivers for earnings growth include higher interest income (+66.27% YoY to NGN917.71bn) and non-interest income (+137.00% YoY to NGN599.66bn). PBT at NGN362.24bn exceeded our estimate due to outperformance in Gross earnings (2023FY actual; NGN1.52trn vs. 2023FY estimate; NGN1.27trn).  Elsewhere, Operating Expenses remained elevated, i...

02/01/24 February 1, 2024 6 EN
EUR 4.00

December 2023 CPI Report: Inflation Bites Deeper

Yesterday, the National Bureau of Statistics (NBS) released the Consumer Price Index (CPI) report for December 2023. Headline inflation increased by 72bps to 28.92% Year-on-Year (YoY), compared to 28.20% YoY in November 2023. This upswing was fueled by increases in its subcomponents: Food inflation (+109bps to 33.93% YoY) and Core Inflation (+68bps to 23.06% YoY). On a Month-on-Month (MoM) basis, headline inflation rose by 20bps to reach 2.29% MoM (vs 2.09% MoM in November 2023). This rise was a...

01/16/24 January 16, 2024 2 EN
EUR 4.00

October 2023 CPI Report: Rising Prices Remain Unabated

Yesterday, the National Bureau of Statistics (NBS) released the inflation report for October 2023. Headline inflation jumped by 61bps to reach 27.33% YoY(vs 26.72% YoY in September 2023). This is on the back of increases in its two major sub-components, Food inflation (+88bps to 31.52% YoY) and Core inflation (+73bps to 22.58%). However, on a MoM basis, Headline inflation sustained its descent as it fell by 36bps to settle at 1.73% MoM (vs. 2.10% MoM in September 2023), following reductions in F...

11/17/23 November 17, 2023 4 EN
EUR 4.00

September 2023 CPI Report | A New High

Yesterday, the Nigerian Bureau of Statistics (NBS) released the inflation report for September 2023. Headline inflation soared by 92bps Year-on-Year (YoY) to 26.72% (vs 25.80% YoY in August 2023). The increase in headline inflation can be attributed to the rise in the food inflation (+130bps YoY to 30.64%) and core inflation (+69bps YoY to 21.84%). On a Month-on-Month (MoM) basis, headline inflation declined by 108bps MoM to settle at 2.10% (vs. 3.18% MoM in August 2023). This is following a dip...

10/17/23 October 17, 2023 3 EN
EUR 4.00

March 2024 Monthly Equities Report | Positive Investor Sentiment Acros...

 Global Market Overview: Bull Run Continues - Poised for Further Growth?In March 2024, the global equities market maintained its upward trend, extending its positive performance for the fifth (5th) month in a row. Consequently, the MSCI world Index surged by 3.01% month-on-month (MoM). This positive momentum extended to most of the major global Indices under our coverage, except for the China's SHCOMP index which declined by 0.15% MoM. Domestic Market: Equities Market Rebounds on the Back of Bar...

04/03/24 April 3, 2024 7 EN
EUR 4.00
MTNN MTN Nigeria Com...

MTNN Plc 2023FY Earnings Note - Foreign Exchange Losses Bite Deep

Strong Revenue Growth Offset by Higher Costs In its recently released 2023 full year (FY) financial result, MTN Nigeria Communications Plc (MTNN) observed higher revenue figures on a Year- on-Year (YoY) basis, recording a 22.69% YoY growth to NGN2.47trn in 2023FY. Topline growth was underpinned by a robust growth in Data Revenue (+39.90% YoY to NGN1.07trn), followed by an increase in Other Revenue (+16.01% YoY to NGN445.14bn) which consists of ancillary income streams such as rental income, dig...

MTNN MTN NIGERIA COMMUNICATIONS PLC
03/12/24 March 12, 2024 7 EN
EUR 4.00

2023FY Seplat audited Financial Result | Strong Revenue Performance Dr...

Seplat Energy’s revenue grew significantly by 72.53% year-on-year (YoY) to NGN696.87bn in 2023FY. This exceptional performance was fueled by a substantial increase in crude oil production (72.90% YoY), which offset the decline in crude oil prices (Average of 82.71 in 2023FY vs Average of USD100.93pb in 2022FY). The company also saw significant growth in gas revenue stream (+69.74% YoY). The surge in earnings across these revenue streams can be attributed to an 8% rise in average production to 47...

03/06/24 March 6, 2024 7 EN
EUR 4.00

Monthly Equities Market Update | February 2024

Global Market Overview: Global Equities Extend Winning Streak in February In February 2024, the global equities market maintained its upward trend, extending its positive performance for the fourth (4th) month in a row. Consequently, the MSCI world Index surged by 4.11% month-on-month (MoM). This positive momentum extended to most of the major global Indices under our coverage, safe for the UK's FTSE 100 which declined by 0.01% MoM. Domestic Market: Equities Market Hit by Rising Yields Follow...

03/05/24 March 5, 2024 4 EN
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Nigerian Oil and Gas Sector Report 2024 | Unraveling Nigeria's Oil and...

Executive Summary Nigeria, a member of OPEC since 1971, boasts of substantial crude oil reserves of 37.1 billion barrels at the start of 2023, with a production capacity of 2.5 million barrels per day. The country heavily relies on crude oil production as a cornerstone of its economy, constituting a significant source of foreign exchange. Nigeria primarily exports light low-sulphur (sweet) crude oil, with 79.63% of total exports in Q1:2023 attributed to crude oil.  The Nigerian Oil and Gas ind...

02/20/24 February 20, 2024 31 EN
EUR 3.26

Economic Update - March 2018

Declining FPI, improved FDI!: In the month of March, net-supply at the Investors and Exporters Window (IEW) rose 25% MoM to $168 million compared to $134 million recorded in February. The increase stemmed from a 16% jump in aggregate sales. Going by breakdown, international inflows at the IEW rose by 25% MoM to $1.5 billion ($1.2 billion in February) reflecting a strong rebound in FDI (+87% MoM to $122 million) and Other corporates (+862% MoM to $300 million) which more than offset slight decl...

04/06/18 April 6, 2018 5 EN
Damilola Olupona
  • Damilola Olupona
EUR 3.26

Fixed Income Update - March 2018

Dovish influences kick in   CBN loses grip on naira liquidity. In line with trend in February when CBN tapered its pace of liquidity mop up, March was no exception as CBN net repaid N182.4 billion – its highest net repayment in nine months. Moreover, CBN’s increasing tolerance for naira liquidity was evident in its frequency of liquidity mop as it only sold OMO bills on five working days in March – a move last seen in November 2016. Liquidity conditions improve. Following a slight tilt ...

04/06/18 April 6, 2018 3 EN
EUR 3.48

NTB Q2 Calendar - Yields Fall Apart

As postulated in our February Fixed Income monthly update (Healthy liquidity on the horizon), the much improved oil revenue picture alongside success of the $2.5 billion Eurobond issuance, now reduces the scale of domestic issuances over the near term. In sync with this view, the 2nd quarter Treasury Bills Calendar released yesterday showed a sizable decline in planned borrowings at the short end. Coming from the first quarter, where the FG net-repaid N117 billion, the FG plans to net-repay N4...

03/14/18 March 14, 2018 2 EN
EUR 3.48

Fixed Income Monthly Update |February 2018 - Healthy liquidity on the ...

FG delivers on its promise to raise $3 billion Eurobond for refinancing maturing treasury bills. Last month, for the second time in barely three months, Nigeria closed out on its 5th Eurobond issuance raising $2.5 billion to refinance maturing treasury bills. The issuance was split into 12-year and 20-year series of $1.25 billion apiece with coupons of 7.14% and 7.69% respectively. CBN soft pedal on liquidity mop up. After two consecutive months of aggressive liquidity mop-ups, which saw OMO ...

03/06/18 March 6, 2018 3 EN
Kayode Omosebi
  • Kayode Omosebi
EUR 3.48

MSCI decision: Lace up for another bull run?

Just In! Index provider, MSCI Inc. announced that it will retain Nigeria in its benchmark frontier-index and precluded Nigeria from a review for potential reclassification to Standalone status in line with our earlier view. According to MSCI, the Investors’ & Exporters’ Window (IEW) improved currency market conditions for investors and paved way for its decision to remove Nigeria from the review list for potential reclassification to standalone status. We recall that the proposition to reconsi...

10/27/17 October 27, 2017 4 EN
EUR 4.00

March 2024 Monthly Fixed Income Market Update | Where are Yields Risin...

Where are Yields Rising to? At the end of March 2024, the secondary Fixed Income (FI) market continued to note upward pressure on yields on a Month-on-Month (MoM) basis. The average yield in the Nigeria Treasury bills (NT-bills) market increased by 76bps MoM to close at 17.66%. Similarly, the FGN Bond market closed negative as the average yields surged by 219bps MoM to settle at 19.41%. As a result, the average Naira fixed income market yield climbed by 148bps MoM to conclude at 18.54%.

04/03/24 April 3, 2024 8 EN
EUR 4.00

Monthly Fixed Income Market Report | February 2024

In February, the Nigerian fixed income market experienced a significant increase in yields. The FGN bond market average yield surged by 273bps Month-on-Month (MoM) to close at 17.22%, while the average yields in the Nigerian Treasury Bills market jumped by a significant 775bps MoM to settle at 16.90%. Overall, the Naira Fixed Income market climbed 524bps MoM to close at 17.06%. This upsurge was driven by investors' anticipation of a Central Bank of Nigeria (CBN) rate hike to curb inflation and m...

03/05/24 March 5, 2024 4 EN
EUR 4.00

Monthly Fixed Income Market Report | January 2024

The Nigerian Fixed Income Market started 2024 on a bearish note in January, with average yields rising across board. The FGN bond market saw the average yield increase by 36bps Month-on-Month (MoM) to settle at 14.49%. Similarly, the Nigeria Treasury Bills market experienced a significant 286bps MoM surge in average yield to 9.15%. Overall, the Naira Fixed Income market witnessed an uptick of 161bps MoM to close at 11.82%. This overall rise in yields reflects the Central Bank of Nigeria's (CBN) ...

02/04/24 February 4, 2024 4 EN
EUR 4.00

Monthly Fixed Income Market Report | November 2023

The FGN bond market ended the month on a bearish note with the average yield increasing by 40bps Month-on-Month (MoM) to close at 15.72%. Conversely, the Nigerian Treasury Bills Market concluded the month on a bullish note as the average yield declined by 72bps MoM to settle at 10.21%. Overall, the Secondary Fixed Income Market closed off the month positive with the average yield falling by 16bps MoM to settle at 12.97%.

12/05/23 December 5, 2023 4 EN
EUR 4.00

Monthly Fixed Income Market Report | September 2023

The FGN bond market closed the month bearish as average yield surged 38bps Month-on-Month (MoM) to settle at 14.44%. Similarly, the Nigerian Treasury Bills Market closed the month bearish, as average yield went up by 67bps MoM to close at 7.94%. Overall, the secondary Fixed Income market closed on a negative note as average yield increased by 53bps MoM to 11.19%. The upward trajectory of yields is despite higher system liquidity during the month (c. NGN1.23trn in September 2023 vs. c. NGN874.58b...

10/06/23 October 6, 2023 3 EN
EUR 4.00

Investment Strategies from Major Policy Reforms in 2023

Anchored by a new captain, the voyage, which is the Nigerian economy has now pointed its rudder at another direction evidenced by the series of reforms that now suggests that a favourable business environment might be in the offing. The touted outcome of this new turn over the years have included among others, attracting foreign investment, and enhancing the overall Nigerian economy. Four notable policies have emerged since the inception of this new leadership: FX liberalization, removal of PMS ...

07/24/23 July 24, 2023 17 EN
EUR 4.00

March 2024 CPI Report: A Moderation in Sight?

The National Bureau of Statistics (NBS) published the Consumer Price Index (CPI) for March 2024. Headline inflation sustained its upward trajectory, climbing 150bps to 33.20% Year-on-Year (YoY), up from 31.70% YoY recorded in February 2024. This was driven by significant increases in its two (2) main subcomponents: food (+209bps to 40.01% YoY) and core (+77bps to 25.90% YoY) inflation. On a Month-on-Month (MoM) basis, the headline inflation declined slightly by 10bps to 3.02% MoM compared to 3.1...

04/17/24 April 17, 2024 6 EN
EUR 4.00

Banking Sector Update | Review of Minimum Capital Requirements for Ba...

Review of Minimum Capital Requirements for Banks On the 28th of March 2024, the Central Bank of Nigeria announced the much-anticipated bank recapitalization guideline. For the recapitalization exercise, the CBN defined the minimum capital for existing banks as paid-up capital and share premium only. This definition effectively excludes shareholders’ funds from the computation.

04/03/24 April 3, 2024 8 EN
EUR 4.00

Post Monetary Policy Committee Meeting March 2024 - CBN Maintains Hawk...

The second (2nd) Monetary Policy Committee (MPC) meeting in 2024 held on the 25th and 26th of March. The committee reviewed recent economic and financial developments as well as assessed risks to the outlook. Following its deliberation, the committee decided to tighten the MPR by 200bps to 24.75% from 22.75% in February 2024. This move reflects the Central Bank of Nigeria's (CBN) efforts to curb inflation and attract Foreign Portfolio Investment (FPI) inflows. In addition to raising the MPR, the...

03/27/24 March 27, 2024 5 EN
EUR 4.00

Q4 2023 and 2023FY Foreign Trade in Goods Statistics Report -Breaking ...

Recently, the National Bureau of Statistics (NBS) published the Foreign Trade in Goods statistics report for Q4:2023. On a Quarter-on-Quarter (QoQ) basis, Total Imports (+56.04% to NGN14.11trn in Q4:2023 vs. NGN9.04trn in Q3:2023) and Total Exports (+22.68% to NGN12.69trn in Q4:2023 vs. NGN10.35trn in Q3:2023) recorded significant increases. Consequently, we observed a 38.24% QoQ surge in Total Trade to NGN26.80trn in Q4:2023 from NGN19.39trn in Q3:2023. Notably, after four (4) consecutive quart...

03/11/24 March 11, 2024 4 EN
EUR 4.00

Nigeria Strategy Report H1:2024 | Rocky Road to Resilience

2023FY unfolded as quite an eventful economic odyssey, with the United States showcasing resilience amid shifting monetary policies, marked by the Federal Reserve's cautious approach and a subsequent decline in inflation. Looking forward, the International Monetary Fund projects a slowdown in US growth to 1.40% in 2024. The 2024 US elections raise concerns due to high debt levels and possible fiscal expansion. A growing debt and a dysfunctional congress may affect US credit ratings, adding stres...

01/15/24 January 15, 2024 69 EN

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