Breakfast Report - 25 April 2022
Going by March’s Consumer Price Index report, Nigeria’s headline inflation rose for the second time in a row. The uptick to 15.92% y/y was predominantly driven by fuel scarcity and high diesel prices, which raised the cost of storage and logistics. Recent data from the National Bureau of Statistics (NBS) confirms that, in March, the prices of Premium Motor Spirit (PMS) and diesel increased by 8% m/m and 73% m/m respectively. As high energy prices dovetail into the current month, we see room for further upticks in inflation. In addition, Easter and Salah Celebrations could contribute to increased demand for food. However, high base effects and frontloading in March could soften inflationary pressures in April.
Equity: Last week’s impressive market performance saw the Oil & Gas sector contribute the most to the positive close, with a gain of 636bps as investors bought up OANDO and ETERNA. We anticipate a mixed session to start off the week amid slight profit-taking activities across board.
Fixed Income: To start the week, the bond market should trade on a muted note as investors await the outcome of the bond auction. We also expect the T-bills segment to trade on a quiet note, due to a dearth of bids in the market.
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