Breakfast Report - 06 May 2024
Acute fuel scarcity hit Nigeria last week. Reasons for the shortage ranged from turnaround maintenance across European refiners, and logistics challenges experienced by the NNPC, to bottlenecks regarding the renewal of marketing licenses. According to the Independent Petroleum Marketers Association of Nigeria (IPMAN), the situation could linger for at least 2 weeks before resolution. While PMS continues to trade at a premium over these weeks, we expect this event to impact inflation adversely in May.
Equity: All in, we expect the market to trade in a mixed manner in the trading sessions, given the positive sentiment from last week filters out of the market, especially with key names having already released their latest quarterly performance numbers and other company earnings that will be released this week.
Fixed income: We expect the market to be more active in the next trading session following the release of the revised bonds calendar for Q2. Similarly, we expect the NTBs market to be bullish as coupon inflows and FAAC credits come into the system. Meanwhile, we expect a tepid session in the Bonds market barring any change in fundamentals.
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