Weekly Economic & Financial Commentary – March 18 – 22, 2019
Global Economy The US Federal Reserves held its monetary policy meeting during the week and left fund target range unchanged at 2.25% – 2.5%, with a downgrade of its assessment of the economy from a prior outlook of solid growth picture to slow pace of growth. To reflect its view, the Fed revised its 2019 […]
#ILoveMyFamilySeries: What Miracle Can Save Dad’s Retirement?
After demolishing a mountain of pounded yam and vegetable soup with bush meat and assorted fishes prepared by my wonderful wife, my mind took a stroll to how she proffered a solution to my dream career pursuit with ARM Savings Plus. I smiled across the dining table at her and counted my numerous blessings. Thanks […]
Guaranty Trust Bank Plc Slower but persistent earnings growth in near term
At its full year 2018 analysts conference call and our follow up engagement, management guided to a 10% growth in loans over 2019, with focus on oil & gas sector, retail clients and manufacturing sector. Further, they guided that submissions have been made to unlock funds from the differentiated cash reserve ratio introduced by the […]
ARM Research – Stock Recommendation for the Week , March 18
The equities market closed the week negative, with the NSE ASI shedding 2.45% WoW to close at 31,142.72 points while market capitalization lost N291.5 billion to N11.6 trillion. The downturn was driven by bearish sentiments in the Banking (-4.81%), Brewers (-1.80%), Cement (-2.42%), Personal Care (-1.22%), and Insurance (-0.23%) indices which offset gains in Food […]
Access Bank Plc (ACCESS.NL): Impressive performance across income lines in Q4 18
Access Bank Plc (Access) full-year 2018 earnings released this morning showed EPS expansion of 53.2% YoY to N3.28 following material decline in loan-loss provision (-57% YoY to N14.7 billion) and increase in net interest income (+6.2% YoY to N173.6 billion). On the latter, we reckon that despite 19.1% YoY growth in interest income (with assets […]
Nestle Nigeria Plc – Compelling Story but Valuation appears pricey
Nestle Nigeria Plc had an impressive performance in 2018 with EPS expanding 28% YoY to N54.26, as the benefits of lower FX loss (-83% YoY to N2.6 billion) following the pay down of its FCY borrowings provided strong support for earnings growth. While, earnings was in line with our expectation of N56.89, the lower than […]
Dangote Cement Plc – Competition caps earnings growth
DANGCEM posted an impressive growth in EPS by 91% YoY to N22.9 (missing our estimate of N13.52) over 2018. The deviation from our estimate stemmed largely from the long-awaited tax credit (N89.52 billion) which included reversal of tax provisions (N134 billion) made on the Obajana 4 and Ibese 3 & 4 lines for 2015 – […]
#ILoveMyFamily: My Wife Is A Genius
I laid against the bed headrest in our bedroom. I was scrolling through my social media news feeds but could hear my wife’s sonorous voice from the shower as she sang a familiar song. It was Friday night but instead of going to watch a match at a viewing center, I decided to spend the […]
4 interesting ways women of old saved money
Money has been around for centuries and before the banking institutions, ATM machines and credit cards came, women have known a thing or two about saving money. Back in the days, our mothers saved money in some interesting ways. Let’s take a look at some of them. Bargaining Most women of old have a […]
ARM Securities Partners with BMCE Capital on Global Research
In a bid to expand its clients’ access to market information across Africa and beyond, ARM Securities have signed a partnership agreement with BMCE Capital on global research. ARM Securities’ research reports have over the years helped investors navigate Nigeria’s investment landscape, this agreement allows ARM Securities collaborate with BMCE Capital to create and distribute […]
