The Week Ahead | |||||
In light of the stronger dollar, tighter financial conditions, and increased costs of imported goods, the International Monetary Fund adjusted its outlook for Nigeria. The Fund, in its October report, expects GDP growth to average 3.2% in 2022, down 20bps from its July forecast of 3.4%. On the other hand, the organisation projects an average inflation of 18.91% for the year (previously: 16.1%). We believe that the higher inflation estimates are due to recurring fuel shortages, food insecurity caused by severe flooding and exchange rate pressures. This is despite expected relief from harvest season, declining global food prices, and reopened land borders. | |||||
Equity: While we still expect cautious trading sessions this week, we are likely to see more cherry-picking action across board. | |||||
Fixed Income: To start the week, we anticipate tepid trading in the bonds segment, as the monthly bond auction takes center stage, while we expect liquidity levels to dictate participation in the T-bills space. |
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