Breakfast Report - 1 July, 2019
Equity: While the election season and MTN listing were the two major factors that shaped market performance in H1, we believe the second half of the year will be primarily driven by economic policy direction (early appointment of cabinet members) and expected listing of large corporates, amongst others.
Stock Watch: NB climbed 957bps on Friday. The stock appears to have developed a floor at ₦60.00 as we see the share price reverse to the support level anytime it drops lower. Though the brewery sector is generally challenged due largely to lower disposable income, increased and rising production cost and intense competition, the stock appears attractive at current levels.
Fixed Income: This week, investors will continue to purchase secondary market notes and bonds, should the CBN continue to hold off on conducting OMO auctions. Therefore, we foresee a mixed session on Monday with a bullish tilt in both the T-bills and bond markets.
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