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Breakfast Report - 25 October 2021
- During the presentation of the regional economic outlook for Sub-Saharan Africa, the International Monetary Fund (IMF) raised its growth expectations for the Nigerian economy to 2.6% in 2021 and 2.7% in 2022. It emphasized the growth drivers as higher oil prices and the recovery of the non-oil sector. While we are optimistic of further recovery in output levels, long-standing issues in the oil sector and foreign exchange volatility could be key risks to growth. Nigeria has barely benefitted from the surge in oil prices thus far, as both refining and upstream activities have been held bound. Although we see more recovery in the non-oil sector, we express cautious optimism over the oil sector as it struggles to catch up with pre-pandemic production levels.
- Equity: Despite the fresh listing of NGXGROUP on the exchange, activity levels declined last week, as interest in the banking space continues to wane. Therefore, we expect market to trade mixed in today’s session, as investors continue to bargain hunt while taking profit on recent gainers.
- Fixed Income: This week, we expect current sentiment to persist in the bonds market, while the relatively healthy liquidity levels should support some buy-side activity in the OMO and NTB segments.
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