Optimism on US GDP buoys global growth prospects
This cut-out of our core strategy document -- Nigeria Strategy Report -- communicates our understanding of key happenings in global and domestic financial markets in 2016 and provides insight on what we believe will be the major themes underpinning investor sentiment over 2017. We begin the series with a look at the major themes that dominated the global economic and financial landscape in 2016 as well as our outlook on same for 2017.
Global growth remained soft over 2016 as recovery across advanced economies remained broadly anaemic while weakness in resource-rich countries bogged down growth in emerging market economies. Accordingly, the IMF estimates that global GDP likely expanded at its slowest pace since the 2009 financial crisis at 3.1% YoY in 2016. Central to the IMF’s deadbeat growth picture in 2016 is the cutback in European growth following the unanticipated Brexit vote in the UK which offset impact of improvement in US and Japan. Elsewhere, whilst commodity prices staged a recovery over 2016, many resource rich EM countries grappled with lingering impact of external imbalances and tightening global financial market conditions as US interest rates rose following Trump’s victory. Furthermore, extended growth deceleration in China, as policymakers push through with structural rebalancing, and geo-political tensions in the Middle East with a failed putsch in Turkey and unrest in Syria, weighed on EM output.​
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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