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Breakfast Report - 12 September 2022
- The National Bureau of Statistics confirmed a slight decline (-1.23% q/q) in Nigeria's trade flows in Q2’22 (₦12.8 trillion). The decline in trade flows was driven by an 8% q/q drop in imports. Underlying the drop in imports was a significant decline in PMS imports. We understand that PMS imports in Q1’22 were significantly high due to the replacement of off-spec PMS products with newer PMS products between February and March 2022. The subsequent moderation in Q2’22 imports was responsible for the improvement in the trade surplus (+64% q/q). In Q3’22, we expect the commencement of oil production via the Amukpe-Escravos terminal to support crude exports. Imports could remain subdued, as FX supply remains tight, giving way for a larger trade balance.
- Equity: We still expect similar trading sessions this week, with days of profit taking followed by rebounds, as investors stay cautions in the equity market.
- Fixed Income: The bonds market is expected to open this week on a tepid note, with few bargain deals seen across the board, while the NTB market is expected to trade on a bearish note due to a lack of buy interest in the segment.
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