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In: News9 Feb 2009
While this report is now outdated, I thought it will be useful to consider the CBN’s report for the first half of 2008 and their outlook for the 2nd half of 2008. Their outlook for H2 2008 was:
Here are the monthly reports and stock market analysis from Zenith Securities and Afrinvest.
Meristem Securities has also prepared an analysis of the banking and insurance stocks.
The Tribune Newspapers had a rather instructive piece in Monday’s papers about the banks planning mergers. Read below:
You can download Afrinvest’s 2009 economic outlook below. Some of the main points are:
- Major reduction in the pace of growth
- Banking sector appears heading towards a major decline in 2009
- Money market instruments, government securities, and sovereign bonds will receive heavier weightings in investor portfolios
- Greater degrees of diversification into non-Naira based assets as a result of devaluation of the Naira
- Their investment strategy will be to focus on strong companies with fundamentatlly sound competitive positions and revenue profiles, with a high degree of cash revenues, low debt dependence and strong management teams.
- Focus on the consumer market segment, particularly the food and drink businesses
- Accelerated sovereign bond issuance by the FG
- Federal deficit will be greater than current government estimates
Ben Okolo had a very instructive essay in Nigeriaworld about the effect of the oil price crash on Nigeria:
Afrinvest has prepared a well written report on the reinstated 5% circuit breaker. Here is an excerpt: Going Forward: What are the Opportunities?Overall, Afrinvest Research expects that a return to +5%/-5% will lead to a significant sell-off in Nigerian equities, and a sharp decline in market valuations. However, we expect that the return to previous [...]
Meristem Securities has prepared a table with information on the major stocks on the NSE. Read here:
You can read the World Bank’s Doing Business In Nigeria report here. The summary is: it did not become much more easier to do business in Nigeria over the last year. You can read additional documents here:
Here is an article in the latest edition of IMF’s Finance and Development magazine on the increasing investments in Africa:
Afrinvest has released a report on some non-financial sector companies in Nigeria. You can read it here:
The authors provide a very good overview of bonds and the bond market. The bond market is currently dominated by institutional investors such as financial institutions, fund managers, Pension Fund Administrators, and a few high networth individuals.
My main qualm with the article is that it does not provide a recommendation or directions on how to start investing in bonds.
JP Morgan recently prepared an extensive report analyzing the top Nigerian banks. You can read the report here.
This blog is dedicated to informing users on the latest business and economic news news from the CBN and Nigerian Stock Exchange. Happy reading!