Report
EUR 120.10
For Business Accounts Only
Breakfast Report - 3rd May 2016
- Moody’s Investor Services, a global credit rating agency, has downgraded Nigeria’s long term issuer ratings to B1 from Ba3. This downgrade was alongside African oil producer Angola, as the agency stated the negative impact of depressed oil prices on the respective government’s balance sheets, liquidity and creditworthiness. However, Nigeria was assigned a stable outlook following the downgrade as the agency stated that the economic pressures from lower for longer oil prices are balanced by Nigeria’s strengths, which exceed those of sovereigns rated below the B1.
- The Nigerian Stock Market oscillated between green and red closes through the last week of April following mixed performances across key sectors. Notably, Financials (+247bps) recorded a week-long gaining streak as investors cheered a number of better-than-expected Q1’16 earnings from the sector whilst Oil & Gas shares (-973bps) recorded the most declines following four sessions of heavy beating. Overall, the NSE ASI posted to 85bps gain w/w but finished April 96bps down. Year to date performance is negative 12.50%.
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