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Breakfast Report - 23 May 2022
- According to the National Bureau of Statistics, headline inflation increased by 90 basis points y/y to 16.82% in April owing to the prevailing energy crisis and rising instances of insecurity. Food inflation also rose as a result of increased festive demand and the impact of higher energy prices on food transport. While the lingering effects of the energy shock could upset inflation in May, the disagreement between members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and relevant authorities could trigger a new energy crisis and offset the cooling effects of a full border reopening.
- Equity: Market sentiment improved in Friday’s session, however due to declines in MTNN and some banking names, market closed last week lower. To start the new week, we still expect recoveries in the banking space given last week’s 124bps w/w decline.
- Fixed Income: To open the week, we expect the bonds market to trade on a muted note, as investors focus on the outcome of the MPC meeting. Similarly, we anticipate tepid trading in the NTB segment ahead of the PMA in the NTB space on Wednesday.
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