Analyst: Ibukun Omoyeni* i.omoyeni@vetiva.com Headline inflation rose by +98bps to 29.90% y/y in January, representing a 13bps deviation from our in-house estimate (Vetiva: 30.03% y/y) and a 40bps print above Bloomberg consensus’ estimate of 29.5%. We attribute the increase to the lingering effects of past reforms and more importantly, the security challenges in food-producing states....
Analyst: Chidozie Daniels c.daniels@vetiva.com Kenya to buyback 2024 Eurobond at par value. On Wednesday, February 7, 2024, the Republic of Kenya announced its intentions to repurchase its $2 billion Eurobond due to mature in June 2024. Several key elements of the deal were disclosed; notably, the buyback is contingent upon the successful completion of its...
Analyst: Olumide Sole*Target price: ₦29.00Rating: HOLD FBNH released its Q4’23 results, showing a 106% y/y jump in Gross earnings to ₦532 billion (Vetiva: ₦371 billion). As with other banks, the strong growth was due to a 56% y/y rise in Interest Income to ₦281 billion (Vetiva: ₦286 billion), owing to the expansion of the bank’s loan […]
Analyst: Chidozie Daniels* c.daniels@vetiva.com AM central banks maintain policy rates amid sticky inflation. In the recent week, monetary authorities worldwide disclosed their latest policy stance, evaluating the repercussions of prior rate adjustments on inflationary trends within their respective economies. For central banks in advanced markets (AM) such as the U.S. Federal Reserve (FED), Bank of Japan...
Analyst: Oluebube Nwosu* o.nwosu@vetiva.com Target price: ₦5.90 Rating: HOLD Pricing increases elevate topline In the fourth quarter of 2023, International Breweries demonstrated a substantial 38% y/y growth in revenue, reaching ₦80.5 billion. This impressive increase was due to higher prices across the firm’s product lines. While INTBREW has maintained its lowest price strategy, its products’...
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%...