Yesterday, the NBS published the inflation report for May 2023. Headline inflation added 19bps to settle at 22.41% YoY (vs 22.22% YoY in April 2023). This marks the fifth (5th) consecutive increase since December 2022, signifying a continuous uptrend and the highest YoY increase since the index rebase in 2009. Similarly, Food inflation increased by 21bps to 24.82% YoY (vs 24.61% YoY in April 2023). However, Core inflation declined by 8bps to 20.06% YoY (vs 20.14% YoY in April 2023). On a Month-on-Month (MoM) basis, Headline inflation increased marginally by 3bps to settle at 1.94% in May 2023 compared to 1.91% in April 2023.
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.
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