Avior Capital Markets - Nigerian Banks | Running with the bulls

Report

Avior Capital Markets

Nigerian Banks | Running with the bulls

In 2017 improved growth, rising oil prices and elevated yields provided the perfect antidote to Nigeria's 2016 struggles, with Nigerian banks gaining 66% in USD. Looking ahead, the outlook for Nigeria is still positive as the higher oil price creates a buffer against banks' asset quality concerns and greases the wheel of the Nigerian economy. However, the banking sector faces the challenges of declining yields as inflation moderates, and the impact of the 2019 elections. Despite the strong bull run among Nigerian banks we believe there is still value in specific counters given their ability to generate higher ROEs.

07/02/2018 28 EN

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Avior Capital Markets

Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.

Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.

Avior has proven that by working closely with our clients we can mutually develop dominant positions in certain sectors, going from strength to strength. Avior has a dedicated ESG team, having been ranked #1 in Corporate Governance research since 2008.

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Nigerian Banks | Running with the bulls

Tiger Brands | ESG | Pressed to execute

SA Investment Strategy | Review of January 2020 for SA investors: Coronavirus weighs on the ZAR

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