Breakfast Report - 28 June 2021
Following years of dragging its feet on oil sector reforms, the Petroleum Industry Bill is finally gaining momentum in the legislative house. At this pace, the bill could become law by the end of the third quarter. That will be necessary as investments in the sector have been held back by the long-standing impasse. Over the past decade, the upstream sector has declined by 32% while the downstream sector (refining) has relapsed by 85%. These speak volumes given the high linkage between oil prices and numerous economic indicators in the Nigerian economy. Thus, with reforms on the offing, the oil sector could be revitalized by fresh investments.
Equity: Amid renewed interest in the banking space and improved activity levels to end the week, we foresee a positive start to Monday's trading.
Stock Watch: In last Friday’s session, HONYFLOUR was the top gainer, advancing 9.93% to close at ₦1.55 and has currently gained 29.17% ytd.
Fixed Income: This week, we expect trading to follow a similar pattern, as bond investors continue to trade post-auction sentiments. However, we do expect activity in the NTB and OMO markets to be muted, as system liquidity remains constrained.
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