Now that we are almost three-quarters through the year, Nigeria stock market investors might want to take a look at what factors and sectors have driven the market’s performance and why. See details below. FX Last week, the exchange rate at the Investors and Exporters Window (I&E Window) weakened by 0.49% to a record low …

In 2019, the Central Bank of Nigeria decided to introduce a policy that, in its view, would stimulate the economy while keeping monetary policy tight. A little over two years after its implementation, we examine the impact of the LDR policy on the banks and the overall economy. See page details below. FX Last week, …

The scorecard for the listed banks that have reported their H1 results is mixed.  We believe that it is a matter of timing changes in interest rates and that Q3 is likely to be a better story than Q2 and H1. See details below. FX Last week, the exchange rate at the Investors and Exporters …

At the end of the second quarter of the year we wrote about how Nigerian banks were moving lending rates in order to accommodate rising market interest rates (see Coronation Research: Nigerian Banks, Resilience Built In, 25 June). Since then market interest rates, and interbank lending rates, have been falling. This suggests margin expansion for …

Over the past three weeks, the Nigeria Weekly Update has examined how total cumulative equity returns (returns with dividends reinvested) have outperformed equities this year and examined the best dividend-paying stocks. Yet, over a long study period (six years) the returns have been poor.  The reason, we believe, is the de-rating of the market, with …