Analyzing the impact on market rates, we expect to see a knee-jerk reaction in interbank rates over the coming days which will eventually normalize back following significant inflow of maturities particularly in February (OMO: N2.3 trillion, FGN Bond: N586 billion, NTB: N259 billion). Elsewhere, we see limited impact on FI yields given the quantum of expected liquidity. Hence, we see limited scope for higher yields over the first half of the year.
which has expanded for four consecutive months
As at October 2019
Inclusive of non-competitive sales
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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