Breakfast Report - 21 March 2022
- In light of the ongoing fuel scarcity, headline inflation rose marginally to 15.70% y/y. While high base effects kept year on year food inflation in check, the core segment reeled from higher energy prices. Going forward, we expect inflation to rise in the near to medium term as fuel scarcity and supply disruptions continue against the backdrop of the Russia-Ukraine crisis.
- Equity: We expect a tepid start to next week’s trading, as investors continue to trade in line with the earnings report released into the market. We also anticipate some profit-taking activity on some of this week’s gainers.
- Fixed Income: In the week ahead, the bond market should trade on a muted note as investors stay on the side lines in anticipation of the bond auction to be held today; where the DMO is offering ₦75 billion each on the 4-year bond and 15-year bond at coupon rates of 12.50% and 13% respectively. Meanwhile, we expect the NTB segment to trade in-line with the relatively healthy system liquidity.
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