Realizing your ambitions has never been easier! With the ARM , you can stay Invested in your Tomorrow and start building a brighter financial future today.
Copyright ©, Asset & Resource Management Holding Company (ARM) Limited. All Rights Reserved. Information on this website is provided “as is” without warranty of any kind, either express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose, or non-infringement. Some jurisdictions do not allow the exclusion of implied warranties, so the above exclusion may not apply to you. ARM does not accept cash and will never ask you to make payments to a personal bank account on its behalf, nor ask you for personal account details, card details or passwords to your account. The acceptable means of payment are cheques, bank transfers, USSD & online transfers. If you suspect any unusual activity on your account or in your dealings with ARM, we advise that you kindly call 01-448 8830 or click here to file a report
Weekly Commentary and Stock Recommendation: 6th May – 10th May 2024
Global Economy
Earlier this week, we observed China’s Caixin/S&P Global services purchasing managers’ index (PMI) eased to 52.5 points in April 2024 from 52.7 points in March 2024, remaining in expansionary territory for the 16th straight month. The 50-mark separates expansion from contraction.
Domestic Economy
Earlier this week, the Central Bank of Nigeria (CBN) issued a circular titled RE: “CyberCrime (Prohibition, Prevention, ETC) (Amendment) Act 2024- Implementation Guidance On The Collection And Remittance of The National Cyber Security Levy,” instructing banks to implement a cyber security levy managed by the National Security Adviser’s office. This levy, stemming from the enactment of the 2024 cyber-crime amendment Act, involves a 0.5% deduction from electronic transactions to support the National Cyber Security Fund.
Equities and stock recommendation
The Nigerian Equities market ended the week on a negative note, with the NGX All Share Index (NGX ASI) losing 1.36% WoW to 98,234.24 points. This is following losses in three (3) out of five trading days of the week. As a result, the market’s year-to-date (YtD) returns fell to 31.38% from last week’s 33.18% YtD. We observed a mixed performance across sectors under our coverage as the Consumer Goods (-1.18% WoW), Insurance (-1.01% WoW), Oil and Gas (-0.33% WoW) and Banking (-0.07% WoW) sectors closed in the red, while only the Industrial Goods sector (+0.07% WoW) recorded marginal gains.
Fixed Income
The Central Bank of Nigeria (CBN) held an NT-bill auction during the week, offering NGN179.36bn worth of treasury bills across the tenors. The average stop rate remained unchanged at 17.98% for the third (3rd) consecutive auction, due to stop rates left constant across the tenors (short-tenor: 16.24%, mid-tenor: 17.00% and long-tenor: 20.70%). Investor demand remained strong, exceeding the previous auction by 20.61%. Total subscriptions reached NGN914.15bn, compared to NGN757.85bn previously.
Click here for the full report.
Related News
Got big ideas? Here’s how you can attract investors
5 Things Psychology Says We’ll Regret Not Learning Earlier
Should I Name My Son as My Beneficiary Instead of My Wife?
Subscribe
Get a prompt weekly email from our professional team on market insights, investing strategy and valuable tips for your finances!