Nigerian equities kicked off 2024 on a strong note, as the NGXASI gained 35.3% in January. Likewise, the positive performance filtered into our picks for 2024, with our conviction stocks returning 12.6% in the same period. Starting with the financial services space, our banking picks had a mixed showing. While FCMB returned an outstanding 20.9%...
In 2023, our high-conviction stocks demonstrated a notable weighted average return of 87%, surpassing the ASI’s year-on-year return of 46%… In 2024, our outlook is characterized by cautious optimism as we anticipate sustained growth within the telecoms sector, with MTNN poised to maintain its impressive trajectory… This year, we foresee a continuation of the investment...
Equities – Rising economic uncertainties drive mixed performance. In contrast to the initial predictions, global capital markets have not undergone the expected shift in investor optimism. The surge in interest rates has moderated corporate enthusiasm for equity investments, notably in the context of initial public offerings (IPOs). On the economic front, there is a discernible...
Our conviction stocks closed higher in November, gaining 1.8% m/m, underperforming the ASI by 1.2ppts. Our picks have yielded a return of 71.2% YTD, outperforming the ASI by 32.0ppts. Starting with the Consumer Goods sector, it was a mixed month as DANGSUGAR eased 7.94% m/m, while NESTLE (+9.5% m/m) closed in the green. All in,...
Analyst: Chidozie Daniels* Equity Markets – Fiscal policies dictate investor sentiment in Q3’23. It has been a mixed year for our coverage markets, and that did not change in Q3’23. For Nigeria and Ghana, domestic investors have been net buyers, despite foreign investors maintaining a risk-off stance to their respective stock markets, due to a...
Analyst: Chidozie Daniels* The Federal Reserve Bank of the United States (FED) kept its cash policy rate unchanged at the range of 5.25% – 5.50%. Chairman Powell struck a softer tone in his statements to the press, hinting that the bank may consider a shift in policy stance, as they evaluate the impact of past...