Breakfast Report - 29 August 2022
The domestic economy grew by 3.54% year on year in Q2'22. Increases in service (-6.7% y/y) and agricultural (-1.2% y/y) output aided the expansion. The top five contributors to growth were ICT, trade, finance, transportation, and crop production, fuelled by SIM registration relaxation, border reopening, and government and CBN interventions. Meanwhile, industry output remained subdued in Q2'22, falling by -2.3% year on year, just as output in the oil sector contracted for the ninth consecutive quarter. We expect full border reopening, crude production, and government interventions to drive growth.
Equity: Despite the drawback in market sentiment and sectoral performance on Friday, last week ended positively, with the All-share Index up 63bps w/w as selected large-cap names across sectors continue to lift the market. We expect a quiet start to the week, as investors continue to trade cautiously in the equity market.
Fixed Income: Given the limited changes to activity drivers in the bonds space, we expect investors to cherry-pick attractive counters across the mid-to-long end of the curve. Meanwhile, in the NTB space, we expect investors to react to the latest auction results as they take positions in the market
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