Research

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Our research team tracks economic and market data for performance of all major asset classes in Nigeria and globally to help spot trends and develop new opportunities for our clients. We use these insights to give our clients an edge in creating investment strategies and portfolios that provide enduring wealth.

All Reports

DateDescriptionDownload Link
15/10/2019AAM September 2019 Inflation Report
Core Inflation rose for the first time in 2019.
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14/10/2019Fixed Income Market Monitor 17 - 11 October 2019
The secondary sovereign Bond Market closed on a bearish note last week with the average yield up by 8.00bps to close at 14.10% from 14.17% in the previous week.
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14/10/2019Anchoria AM Weekly Brief 07 - 11 October 2019
Despite President Muhammadu Buhari’s presentation of the 2020 budget proposal of N10.33trn to the lawmakers at the National Assembly, the performance of the Nigerian Equity Market remained bearish with the index (NSE ASI) down by 1.68% Week to Date (WTD) to close at an index level of 26,533.78 and Market capitalization of N12.91 trillion. .
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17/05/2019Fixed Income Market Monitor 10 - 14 June 2019
Ahead of the Treasury bill Primary Market Auction last week, the secondary Bond Market traded on a weak note with the average yields trended upward by 2bps to close the week at 14.26%. This was also due to increased investors apathy seen during the week.
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27/05/2019Fixed Income Market Monitor 20 - 24 May 2019
The secondary treasury bills market closed on a flat note due to the issuance of OMO during the week. The average yield closed at 12.15% from 12.14% in the previous week
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20/05/2019Fixed Income Market Monitor 13 - 17 May 2019
The Bond Market closed on a bullish note last week as average yields fell by 11bps to close the week at 13.95% due to continuous reduction seen on short term securities (T-bills) during the week. Yield fell across most maturities, notable includes 2020 (-54bps) and 2021 (-44bps).
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20/05/2019Anchoria AM Weekly Brief 13 - 17 May 2019
With the listing of 20.4 billion ordinary shares of MTN Nigeria’s shares at N90 per share last week, the performance of the Nigerian Equity Market closed bullish last week with the index (NSE ASI) trending upward by 0.08% WTD to close at an index level of 28,871.93
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16/05/2019Bullish Post Listing Market Reaction on MTNN Stock
MTN Nigeria Share rose by 10% from N90 per share to N99 per share after listing on the premium board of the Nigeria Stock Exchange (NSE) yesterday.
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15/05/2019AAM April 2019 Inflation Report
Inflation Rate rose to 11.37% after 3 consecutive decline
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13/05/2019Fixed Income Market Monitor 06 - 10 May 2019
The Bond Market closed on a bullish note last week as average yields fell by 12bps to close the week at 14.06% following the news of re-appointment of the CBN governor for another five-year term.
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13/05/2019Anchoria AM Weekly Brief 06 - 10 May 2019
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) trending downward by 1.25% WTD to close at an index level of 28,847.81 and Market capitalization of N10.84 trillion.
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06/05/2019Fixed Income Market Monitor 29 April - 03 May 2019
The Bond Market closed on a slightly bullish note last week as average yields fell by 2bps to close the week at 14.27%.
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06/05/2019Anchoria AM Weekly Brief 29 April - 03 May 2019
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) trending downward by 1.78% WTD to close at an index level of 29,212.00 and Market capitalization of N10.98 trillion.
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29/04/2019Fixed Income Market Monitor 23 - 26 April 2019
The Bond Market closed on a bearish note last week as the DMO held its monthly Bond Auction in which the debut 30 years Bond was issued. Average yields rose by 14bps to close the week at 14.29%.
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29/04/2019Anchoria AM Weekly Brief 23 - 26 April 2019
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 1.15% WTD to close at an index level of 29,740.41 and Market capitalization of N11.18 trillion.
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23/04/2019Anchoria AM Weekly Brief 15 - 18 April 2019
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 1.78% WTD to close at an index level of 30,086.31 and Market capitalization of N11.31 trillion.
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23/04/2019Fixed Income Market Monitor 15 - 18 March 2019
Despite a relatively quiet week, the Bond Market closed on a bullish note last week with increased demand seen on most maturities especially 2023 (-26bps) and 2027 (-22bps) Bonds. Average yields fell by 9bps to close the week at 14.16%.
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17/04/2019AAM March 2019 Inflation Report
Inflation Rate Declined Despite a Reduction in MPR
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15/04/2019Fixed Income Market Monitor 08 - 12 March 2019
The Bond Market closed on a bullish note last week despite sell offs and mild activities recorded on the first 2 trading days of the week. Average yields fell by 5bps to close the week at 14.25% following a buying interest witnessed on some bonds most especially the 2024s (-41bps) and 2022 (-32bps).
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15/04/2019Anchoria AM Weekly Brief 08 - 12 April 2019
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 0.19% WTD to close at an index level of 29,560.47 and Market capitalization of N11.10 trillion.
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08/04/2019Anchoria AM Weekly Brief 01 - 05 April 2019
The performance of the Nigerian Equity Market remained largely bearish last week with the index (NSE ASI) down below its resistant level of 30,000 pts. The index was down by 4.59% WTD to close at an index level of 29,616.38 and Market capitalization of N11.12 trillion.
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08/04/2019Fixed Income Market Monitor 01 - 05 March 2019
The Bond Market traded on a bearish note last week as the Debt Management Office (DMO) released the Q2 Bond Issuance Calendar. The Calendar released was in line with market expectation of issuance of fresh long tenored bond (30-year Bond). We observed a significant sell off in longer tenored bonds most especially 2028s and 2029s Bond. Average yields rose by 23bps to close the week at 14.30%.
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01/04/2019Fixed Income Market Monitor 25 - 29 March 2019
Following the surprised cut in Monetary Policy Rate (MPR) to 13.50% from 14.00% and reduction in spot rate at the Bond Market Auction conducted during the week, the Secondary Bond Market traded on a bullish note as demand was seen on most maturities especially the short tenor bonds. Average yields fell by 16bps to close the week at 14.07%.
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01/04/2019Anchoria AM Weekly Brief 25 - 29 March 2019
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 0.31% WTD to close at an index level of 31,041.42 and Market capitalization of N11.67 trillion.
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19/03/2019Sharp Fall in Income Tax Pushed The Profit After Tax Higher
Access Bank Plc released its FY 2018 financial statement showing growth of 15.18% year-on-year (YoY) in Gross Earnings to ₦528.75 billion while the Profit After Tax (PAT) rose significantly by 56.87% YoY to ₦94.98 billion. The management of Access Bank Plc has proposed a final dividend of ₦0.25 per share which represents a dividend yield of 4.27% based on the last traded price.
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11/03/2019Fixed Income Market Monitor 04 - 09 March 2019
Ahead of the gubernatorial election, the bond market traded on a bearish note with sell offs seen on most maturities especially 2023 (+48bps) and 2028 (+43bps) bonds. Average yields rose by 34bps to close the week at 14.29%.
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07/03/2019SEPLAT's Deferred Tax Dragged Down the Full Year Profit Despite Impressive Revenue growth
Seplat Petroleum Development Plc released its Full-year (FY) 2018 financial statement showing a significant increase of 65.16% year-on-year (YoY) in Revenue to ₦228.39 billion while the Profit After Tax (PAT) fell by 44.68% YoY to ₦44.87 billion. The Management proposed a final dividend of $0.05 per share which translates to a dividend yield of 2.57% based on the last traded price.
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04/03/2019Anchoria AM Weekly Brief 25 Feb. - 01 March 2019
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 2.12% WTD to close at an index level of 31,827.24 and Market capitalization of N11.87 trillion
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04/03/2019Fixed Income Market Monitor 25 Feb. - 01 March 2019
Following the announcement of the Presidential Election Result, the Bond Market closed on a bullish note with demand more pronounced on 2020s (-199bps) and 2028s (-80bps) bonds. One of the major factors for the bull run in the bond space is the increase in Foreign Portfolio Investment (FPI) as Offshore investors allocate Funds to some assets in Emerging Economies. Average yields fell by 74bps to close the week at 13.95%.
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28/02/2019ZENITHBANK Profit After Tax (PAT) grew by 11.30% YoY in FY 2018
Zenith Bank Plc released its Full-year (FY) 2018 financial statement showing a decrease of 15.41% year-on-year (YoY) in gross earnings to ₦630.34 billion while the Profit After Tax (PAT) grew by 11.30% YoY to ₦193.42 billion. The Management proposed a final dividend of N2.50 per share which translates to a dividend yield of 10.04% based on the last traded price.
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18/02/2019Fixed Income Market Monitor 11 - 15 February 2019
Ahead of the election date previously scheduled for Saturday, 16 February 2019, the Bond Market remained bullish as sustained demand were seen on most maturities during the week. Notable amongst them include 2022s (49bps) and 2036s (34bps). Average yields fell by 3bp to close the week at 14.65%. Other factors that shaped the market include: improved results of Q4 GDP Growth Rate which came in at 2.38%; Moderation of the headline inflation rate in January to 11.37% (11.44% previously).
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18/02/2019Anchoria AM Weekly Brief 11 - 15 February 2019
The performance of the Nigerian Equity Market remained bullish last week with the index (NSE ASI) up by 3.76% WTD to close at an index level of 32,715.20 and Market capitalization of N12.20 trillion.
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04/02/2019Fixed Income Market Monitor 28 January - 01 February 2019
The Bond Market closed on a bullish note last week with increased demand seen on most maturities during the week. Notable amongst them include 2021s (59bps) and 2034s (50bps). Average yields fell by 33bp to close the week at 14.91%. The Bond Auction during the week witnessed a subscription rate of 131.39% with the subscription in favour of longest tenor bond (FEB 2028). The marginal rate for all tenors fell below the rates in previous auction.
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28/01/2019Anchoria AM Weekly Brief 21 - 25 January 2019
The performance of the Nigerian Equity Market remained bullish last week with the index (NSE ASI) up by 1.36% WTD to close at an index level of 31,426.63 and Market capitalization of N11.72 trillion.
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28/01/2019Fixed Income Market Monitor 14 - 18 January 2019
The Bond Market closed on a flat note last week with demand seen on few maturities during the week. Notable amongst them include 2023s (-0.24%) and 2037s (-0.21%). Average yields rose marginally by 1bp to close the week at 15.24%.
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21/01/2019Fixed Income Market Monitor 14 - 18 January 2019
The Bond Market closed on a bullish note last week with yields compressing across most maturities. Average yields fell by 6bps to close the week at 15.23%. This is due to increased demand from both local investors and foreign investors. During the week, we observed a significant inflow in the I&E FX window from offshore investors.
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21/01/2019Anchoria AM Weekly Brief 14 - 18 January 2019
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 3.94% WTD to close at an index level of 31,005.17 and Market capitalization of N11.56 trillion.
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14/01/2019Anchoria AM Weekly Brief 07 - 11 January 2019
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 2.64% WTD to close at an index level of 29,830.70 and Market capitalization of N11.12 trillion.
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14/01/2019Fixed Income Market Monitor 07 - 11 January 2019
The Bond Market closed on a bullish note last week with yields compressing across all maturities with the exception of 2021s and 2037s bond. Average yields fell by 4bps to close the week at 15.29%.
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24/12/2018Fixed Income Market Monitor 17 - 21 Dec 2018
The Bond Market closed on a bullish note last week with yields compressing across all maturities with the exception of 2020s, 2023s and 2025s bond. Average yields fell by 15bps to close the week at 15.40%.
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24/12/2018Anchoria AM Weekly Brief 17 - 21 Dec 2018
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by WTD to 0.33% close at an index level of 30,773.64 and Market capitalization of N11.24 trillion.
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17/12/2018Access Bank And Diamond Bank Merge Enlarged Tier 1 Bank
Upliftment of the veil as Access Bank and Diamond Bank announces the proposed merger to form Nigeria’s largest bank.
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17/12/2018Fixed Income Market Monitor 10 - 14 Nov 2018
The Bond Market closed on a bullish note last week with yields compressing across most maturities with the demand more pronounced on 2028 and 2037 bonds.
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17/12/2018Anchoria AM Weekly Brief 10 - 14 Dec 2018
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by WTD to close at 0.63% an index level of 30,672.79 and Market capitalization of N11.20 trillion.
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10/12/2018Fixed Income Market Monitor 03 - 07 Nov 2018
The Bond Market traded on a bearish note last week with yields rising across most maturities with the exception of 2020 and 2027 bonds that fell by 11bps and 17bps respectively.
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10/12/2018Anchoria AM Weekly Brief 03 - 07 Dec 2018
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 0.02% WTD to close at an index level of 30,866.82 and Market capitalization of N11.269 trillion
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03/12/2018Fixed Income Market Monitor 26 - 30 Nov 2018
Following the OMO auction that witnessed a hike in rates to a year high of 15.00%, the Bond market traded on a bearish note to close the week at an average yield of 15.47%, 7bps higher than the previous week yield.
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03/12/2018Anchoria AM Weekly Brief 26 - 30 Nov 2018
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 2.54% WTD to close at an index level of 30,874.17 and Market capitalization of N11.27 trillion.
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26/11/2018Fixed Income Market Monitor 19 - 23 Nov 2018
Following the Bond Auction and Monetary Policy Committee Meeting, the Bond market witnessed some level of activity with demand well pronounced on 2034s and 2030s maturities
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26/11/2018Anchoria AM Weekly Brief 19 - 23 Nov 2018
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 1.18% WTD to close at an index level of 31,678.70 and Market capitalization of N11.57 trillion.
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21/11/2018AAM October 2018 Inflation Report
Inflation Rate Halts its Upward Swing
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19/11/2018Fixed Income Market Monitor 12 - 16 Nov 2018
The Bond market continued on its bearish trend last week with yields rising across most maturities with selloff well pronounced on 2020 and 2037 bonds.
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19/11/2018Anchoria AM Weekly Brief 12 - 16 Nov 2018
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 0.44% WTD to close at an index level of 32,058.28 and Market capitalization of N11.70 trillion.
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12/11/2018Anchoria AM Weekly Brief 05 - 09 Nov 2018
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 0.23% WTD to close at an index level of 32,200.21 and Market capitalization of N11.76 trillion.
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12/11/2018Fixed Income Market Monitor 05 - 09 Nov 2018
The Bond market continued its bearish trend last week with yields rising across most maturities traded except for the 2036 bond that witnessed 5bps dip in yield
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5/11/2018Fixed Income Market Monitor 29 Oct-02 Nov 2018
The Bond market continued on its bearish trend last week with yields rising across most maturities traded and selloffs more pronounced on 2034 and 2030 bonds.
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5/11/2018Anchoria AM Weekly Brief 29 Oct-02 Nov 2018
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 2.38% WTD to close at an index level of 32,124.94 and Market capitalization of N11.73 trillion.
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29/10/2018Anchoria AM Fixed Income Market Monitor 22 - 26 October 2018
The Bond market continued on its bearish trend last week with yields rising across most maturities traded and selloffs pronounced on short and mid tenor bonds.
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29/10/2018AAM Weekly Brief 22 - 26 October 2018
The performance of the Nigerian Equity Market remained bullish last week with the index (NSE ASI) up by 0.20% WTD to close at an index level of 32,907.33 and Market capitalization of N12.01 trillion.
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24/10/2018 GTBANK Q3-2018 RESULT-Q3 Profit After Tax Comes in at N142.22 billion
Despite relatively lower yields environment and uncertainties surrounding the financial sector ahead of the 2019 general elections, GTBank posted a strong Q3 Earnings report with the Gross Earnings showing a growth of 8.83% year-on-year (YoY) to ₦334.27 billion, also the Profit After Tax (PAT) grew by 13.26% YoY to ₦142.22 billion.
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22/10/2018Anchoria AM Fixed Income Market Monitor 15 - 19 October 2018
The Bond market traded on a bearish note last week with yields rising across most maturities traded and selloffs well pronounced on JAN 2022 and JUL 2021 bonds.
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22/10/2018AAM Weekly Brief 15 - 19 October 2018
The performance of the Nigerian Equity Market remained bullish last week with the index (NSE ASI) up by 1.19% WTD to close at an index level of 32,841.98 and Market capitalization of N11.99trillion.
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16/10/2018AAM September 2018 Inflation Report
Ahead of Treasury Bills Auction Headline Inflation rose for the second-time.
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15/10/2018Anchoria AM Fixed Income Market Monitor 08 - 12 October 2018
The Bond market traded on a bearish note last week with yields rising across most maturities traded and selloffs well pronounced on FEB 2020 and FEB 2028 bonds.
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15/10/2018AAM Weekly Brief 08 - 12 October 2018
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 0.23% WTD to close at an index level of 32,456.98 and Market capitalization of N11.85 trillion.
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08/10/2018Anchoria AM Fixed Income Market Monitor 01 - 05 October 2018
The Bond market traded on a bullish note last week with yields falling across all maturities traded except 2024, 2027 and 2036 bonds.
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08/10/2018AAM Weekly Brief - 01 -05 October 2018
Market/Economic Insight
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 1.17% WTD to close at an index level of 32,383.15 and Market capitalization of N11.82 trillion
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02/10/2018Anchoria AM Fixed Income Market Monitor 24 - 28 September 2018
The Bond market traded on a bullish note last week with yields falling across all maturities traded. This is against the backdrop of increased buying interest from local participants (Pension Fund Administrators and Asset Managers).
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02/10/2018Anchoria AM Weekly Brief 24 - 28 September 2018
Market/Economic Insight
The performance of the Nigerian Equity Market remained bullish last week with the index (NSE ASI) up marginally by 0.70% WTD to close at an index level of 32,766.37 and Market capitalization of N11.96 trillion.

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24/09/2018Anchoria AM Fixed Income Market Monitor 17 - 21 September 2018
The Bond market traded on a bullish note last week with yields falling across all maturities except 2024 and 2028 bonds. This is against the backdrop of increased buying interest from local participants (Pension Fund Administrators and Asset Managers)
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24/09/2018Anchoria AM Weekly Brief 17 - 21 September 2018
Market/Economic Insight
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up marginally by 0.66% WTD to close at an index level of 32,540.17 and Market capitalization of N11.88 trillion.
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19/09/2018AAM August 2018 Inflation Report
Inflation Rises For The First Time After Decline Streak
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17/09/2018Anchoria AM Fixed Income Market Monitor 10 - 14 September 2018
The Bond market traded on a bearish note last week with sell offs on most the tenors except for 2021 and 2028 bonds which witnessed increased buying interest from local participants, yield on 2028 bond fell by 16bps.
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17/09/2018Anchoria AM Weekly Brief 10 - 14 September 2018
Market/Economic Insight
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 5.02% WTD to close at an index level of 32,327.59 and Market capitalization at N11.80 trillion.
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10/09/2018Anchoria AM Fixed Income Market Monitor 03 - 07 September 2018
The Bond market traded on a bearish note last week with sell offs on all the tenors. Sell offs was more pronounced on the shorter tenor bonds in reaction to increase OMO T-bills spot rate at the last auction (12.50% for 182 days OMO bills)
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10/09/2018Anchoria AM Weekly Brief 03 - 07 September 2018
Market/Economic Insight
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 2.33% WTD to close at an index level of 34,037.91 and Market capitalization at N12.43 trillion.
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03/09/2018Anchoria AM Fixed Income Market Monitor 27 - 31 August 2018
The Bond market traded on a bearish note last week with sell offs in most of the tenors. Sell offs was more pronounced on the JAN 2026 bonds (+38bps). The 2027 and 2036 bonds were the most traded bonds during the week with N95.37bn and N105.80bn value traded respectively.
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03/09/2018Anchoria AM Weekly Brief 27 - 31 August 2018
Market/Economic Insight
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 1.63% WTD to close at an index level of 34,848.45 and Market capitalization at N12.72 trillion.
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27/08/2018Anchoria AM Fixed Income Market Monitor 13 - 17 August 2018
The Bond market traded on a flat note last week with mixed reactions in different tenors. Sell offs was more pronounced on the APR 2037 bonds (+73bps) while demand was more pronounced on FEB 2020 Bonds (-23bps). The 2027 and 2028 bonds were the most traded bonds during the week with N20.81bn and N23.31bn value traded respectively.
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27/08/2018Anchoria AM Weekly Brief 20 - 24 August 2018
Market/Economic Insight
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 0.45% WTD to close at an index level of 35,426.17 and Market capitalization at N12.93 trillion.
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24/08/2018Anchoria AM Sector Report: Insurance New Regulation - Corporate Action (Right Issues, Mergers & Acquisitions, Public Offers) unavoidable for some Insurers
NAICOM introduces a new guideline, Tier Based Minimum Solvency Capital (TMBSC) Sturcture, which will become effective on 1st January 2019 with a stipulated deadline of 14th September 2018 for Insurers to notify NAICOM on their choice of Tier level.
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20/08/2018Anchoria AM Fixed Income Market Monitor 13 - 17 August 2018
The Bond market traded on a bearish note last week as sell offs were witnessed on all tenors. The 2036 and 2028 bonds are the most traded bonds during the week with N35.06bn and N72.63bn value traded respectively.
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20/08/2018Anchoria AM Weekly Brief 13 - 17 August 2018
Market/Economic Insight
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 0.51% WTD to close at an index level of 35,266.29 and Market capitalization at N12.88 trillion.
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17/08/2018AAM July 2018 Inflation Report
Inflation Report drags lower although still below Central Bank's single digit target
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13/08/2018Anchoria AM Fixed Income Market Monitor 06 - 10 August 2018
The Bond market traded on a bearish note last week as sell offs were witnessed on most tenors, most especially 2020 and 2027 bonds, this can be attributed to the following: foreign investors sell off in emerging markets as Turkey’s financial crisis deepens, and weak demand as investors anticipate the re-opening of bonds this week. The average yield in the bond market rose by 24bps to close the week at 14.21%.
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13/08/2018Anchoria AM Weekly Brief 06 - 10 August 2018
Market/Economic Insight
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 2.89% WTD to close at an index level of 35,446.47 and Market capitalization at N12.94trillion.
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10/08/2018AAM Research GTBANK HY- 2018 Financial Report - Best in class Return on Equity (ROE), Maintain a Buy Rating
Guaranty Trust Bank Plc released its Half-year (HY) 2018 financial statement showing a growth of 5.85% year-on-year (YoY) in gross earnings to ₦226.63 billion, also the Profit After Tax (PAT) grew by 14.22% YoY to ₦95.58 billion. The Management proposed an interim dividend of N0.30 per share which translates to a dividend yield of 0.77% based on the last traded price.
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08/08/2018AAM Research ZENITH BANK HY- 2018 Financial Report
Zenith Bank Plc released its Half-year (HY) 2018 financial statement showing a decrease of 15.31% year-on-year (YoY) in gross earnings to ₦322.20 billion while the Profit Before Tax (PBT) grew by 16.46% YoY to ₦107.36 billion.
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06/08/2018Anchoria AM Fixed Income Market Monitor 30 Jul - 03 Aug 2018
The Bond market traded on a slightly bullish note last week as demands were witnessed on some tenors, most especially 2020 and 2036 bonds. The average yield in the bond market fell marginally by 3bps to close the week at 13.97%.
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06/08/2018Anchoria AM Weekly Brief 30 July - 03 August 2018
Market/Economic Insight
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 0.37% WTD to close at an index level of 36,499.67 while market capitalization rose by 0.32% to close at N13.32 trillion.
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01/08/2018AAM Research FBNH HY- 2018 Financial Report
FBN Holdings Plc released its Half-year (HY) 2018 financial statement showing a marginal growth of 1.57% year-on-year (YOY) in gross earnings to ₦293.33 billion while the Profit After Tax (PAT) grew by 13.68% YOY to ₦33.52 billion.
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30/07/2018Anchoria AM Fixed Income Market Monitor 23 - 27 July 2018
The Bond market traded on a bearish note last week as selloff were witnessed on most tenors. Investors were bearish on 2028 FGN bond due to higher marginal rate at the Bond Auction held during the week. The average yield in the bond market rose by 15bps to close the week at 14.01%.
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30/07/2018Anchoria AM Weekly Brief 23 July - 27 July 2018
Market/Economic Insight
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up marginally by 0.09% WTD to close at an index level of 36,636.97 and market capitalization of N13.27 trillion
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24/07/2018AAM June 2018 Inflation Report
Headline Inflation Rate Declined for the 17th Consecutive time in June 2018
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23/07/2018Anchoria AM Fixed Income Market Monitor 16 - 20 July 2018
The Bond market traded on a mixed note last week as bullish sentiments were witnessed on the short end of the curve while the longer tenor bonds saw some sell off from domestic investors. The demand was well pronounced in 2027 bonds. The average yield in the bond market fell by 3bps to close the week at 13.85%.
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23/07/2018Anchoria AM Weekly Brief 16 July - 20 July 2018
Market/Economic Insight
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 2.11% WTD to close at an index level of 36,603.44 and market capitalization of N13.26 trillion.
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16/07/2018Anchoria AM Fixed Income Market Monitor 09 - 13 July 2018.pdf
The Bond market traded on a mixed note last week as bearish sentiments were witnessed on the short end of the curve while the longer tenor bond saw some demand from domestic investors with the demand well pronounced in 2027 and 2036 bonds.
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16/07/2018Anchoria AM Weekly Brief 09 July - 13 July 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 0.62% WTD to close at an index level of 37,392.77 and market capitalization of N13.55 trillion.
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09/07/2018Anchoria AM Fixed Income Market Monitor 02 - 06 July 2018.pdf
Bearish sentiments were witnessed in the bond market last week as yields increased across all tenors with sell off more pronounced on the 2034 and 2037 bonds.
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09/07/2018Anchoria AM Weekly Brief 02 July - 06 July 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 1.71% WTD to close at an index level of 37,625.59 and market capitalization of N13.63 trillion.
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02/07/2018Anchoria AM Fixed Income Market Monitor 25 - 29 June 2018.pdf
Bearish sentiments were witnessed in the bond market last week as yields increased in the mid and long ends of the curve while at the short ends, yield contracted with increased demand pressure on the Feb 2020 bonds (68 bps).
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02/07/2018Anchoria AM Weekly Brief 25 June - 29 June 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 1.10% WTD to close at an index level of 38,278.55 and market capitalization of N13.87 trillion.
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25/06/2018Anchoria AM Fixed Income Market Monitor 19 - 22 June 2018.pdf
Bearish sentiments were witnessed in the bond market last week as yields increased across all maturities with exception of 15 Jul 2021 bond which fell by 0.01% to close the week at N102.52.
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25/06/2018Anchoria AM 18 June - 22 June 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 2.74% WTD to close at an index level of 37,862.53 and market capitalization of N13.72 trillion.
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19/06/2018 Anchoria AM 11 June-15 June 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market remained bullish last week with the index (NSE ASI) up by 0.67% WTD to close at an index level of 38,928.02 and market capitalization of N14.10 trillion.
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13/06/2018AAM May 2018 Inflation Report
Headline Inflation Rate Declined for the 16th Consecutive time - May 2018
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11/06/2018Anchoria AM 04 June - 08 June 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market was largely bullish last week with the index (NSE ASI) up by 5.03% WTD to close at an index level of 38,669.23 and market capitalization of N14.01 trillion.
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04/06/2018AAM Weekly Brief 28 May - 01 June 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market was largely bearish last week with the index (NSE ASI) down by 6.38% WTD to close at an index level of 36,816.29 and market capitalization of N13.34 trillion.
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28/05/2018AAM Weekly Brief 21 May - 25 May 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market was bearish last week with the index (NSE ASI) down by 2.84% WTD to close at an index level of 39,323.62 and market capitalization of N14.24 trillion.
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21/05/2018AAM Weekly Brief 14 May-18 May 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market was bearish last week with the index (NSE ASI) down by 1.34% WTD to close at an index level of 40,472.45 and market capitalization of N14.66 trillion.
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14/05/2018AAM Weekly Brief 07 May- 11 May 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was bearish last week with the index (NSE ASI) down by 0.48% WTD to close at an index level of 41,022.31 and market capitalization of N14.86 trillion.
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07/05/2018
AAM Weekly Brief 30 April - 4 May 2018
Market/Economic Insight
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 0.06% WTD to close at an index level of 41,218.72 and market capitalization of N14.93 trillion.
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04/05/2018AAM Research FBN Holdings FY 2017 Financial Report
EARNINGS UPDATE│ FBN HOLDING PLC
FBN Holdings Plc released its FY 2017 financial statement showing a marginal growth of 2.34% year-onyear (YOY) in gross earnings to ₦595.45 billion while the Profit After Tax (PAT) grew by 178.78% YOY to ₦47.79 billion. Also, the management of FBN Holdings Plc has proposed a final dividend of ₦0.25 per share which represents a dividend yield of 2.00% based on the last traded price.
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30/04/2018AAM Weekly Report 23 - 27 April 2018
Market/Economic Insight
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 1.05% WTD to close at an index level of 41,244.89 and market capitalization of N14.94 trillion.
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23/04/2018AAM Weekly Brief-16 - 20 April 2018
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 0.28% WTD to close at an index level of 40,814.89 and market capitalization of N14.74 trillion.
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16/04/2018AAM Weekly Brief- 09 - 13 April 2018
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 0.21% WTD to close at an index level of 40,928.70 and market capitalization of N14.78 trillion.
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12/04/2018AAM March Inflation Report
Headline Inflation Rate Declined for the 14th consecutive time-March 2018.
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09/04/2018AAM Weekly Brief- 02 - 06 April 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was bearish last week with the index (NSE ASI) down by 1.60% WTD to close at an index level of 40,841.14 and market capitalization of N14.75 trillion.
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03/04/2018AAM Weekly Brief- 26 - 29 March 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was bullish last week with the index (NSE ASI) up by 0.08% WTD to close at an index level of 41,504.51 and market capitalization of N14.99 trillion.
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26/03/2018AAM Weekly Brief- 19 - 23 March 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was largely bearish last week with the index (NSE ASI) down by 1.11% WTD to close at an index level of 41,472.70 and market capitalization of N14.98 trillion.

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19/03/2018AAM Weekly Brief- 12 - 16 March 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was largely bearish last week with the index (NSE ASI) down by 2.85%WTD to close at an index level of 41,935.93 and market capitalization of
N15.00 trillion.
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16/03/2018AAM Research - Zenith Bank FY 2017 Financial Report
EARNINGS UPDATE│ ZENITH BANK PLC
Zenith Bank Plc released its FY 2017 financial statement showing 46.69% year-on-year (YOY) growth in gross earnings to ₦745.2 billion while the Profit After Tax (PAT) grew by 37.24% YOY to ₦177.9 billion. Also, the management of Zenith Bank Plc has proposed a final dividend of ₦2.45 per share which represents a dividend yield of 7.90%.
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12/03/2018AAM Weekly Brief- 05 - 09 March 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was bullish last week with the index (NSE ASI) up by 0.68% WTD to close at an index level of 43,167.86 and market capitalization of N15.51 trillion.
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05/03/2018AAM Weekly Brief- 26 February - 02 March 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was bullish last week with the index (NSE ASI) up by 0.72% WTD to close at an index level of 42,876.23 and market capitalization of N15.40 trillion.
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26/02/2018AAM Weekly Brief- 19 - 23 February 2018
Market/Economic Insight
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 0.16% WTD to close at an index level of 42,570.89 and market capitalization of N15.27 trillion.
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19/02/2018AAM Weekly Brief- 12 - 16 February 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was largely bearish last week with the index (NSE ASI) down by 1.13% WTD to close at an index level of 42,638.83 and market capitalization of N15.30 trillion.
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12/02/2018AAM Weekly Brief- 05 - 09 February 2018
Market/Economic Insight
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05/02/2018AAM Weekly Brief- 29 January - 02 February 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was bullish last week with the index (NSE ASI) up by 0.98% WTD to close at an index level of 44,639.99 and market capitalization of N16.02 trillion.
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29/01/2018AAM Weekly Brief- 22 - 26 January 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was largely bearish for the first time in the year with the index (NSE ASI) down by 2.93% WTD to close at an index level of 43,773.76 and market capitalization of N15.69 trillion.
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22/01/2018AAM Weekly Brief- 15 - 19 January 2018
Market/Economic Insight
The performance of the Nigerian Equity Market continued on a bullish note for the third consecutive week in the year with the index (NSE ASI) up by WTD to close at an index level 5.11% of 45,092.83 and market capitalization of N16.15 trillion.
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15/01/2018AAM Weekly Brief- 08 - 12 January 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was largely bullish for the second consecutive week in the year with the index (NSE ASI) up by 10.72% WTD to close at an index level of 42,898.90 and market capitalization of N15.37 trillion.
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08/01/2018AAM Weekly Brief- 02 - 05 January 2018
Market/Economic Insight
It was the first trading week for the year 2018 and the performance of the Nigerian Equity Market was largely bullish for the week with the index (NSE ASI) up by 1.78% WTD to close at an index level of 38,923.26 and market capitalization of N13.85 trillion.
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02/01/2018AAM Weekly Brief - 27 - 29 December 2017
Market/Economic Insight
It was the last trading week for year 2017 and a brief one as the market opened for 3 days in observance of the Christmas break for the first two days of the week
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27/12/2017AAM Weekly Brief - 18 - 22 December 2017
Market/Economic Insight
The bullish sentiment permeated the Nigerian Equity Market last week with the index (NSE ASI) up by 0.22% WTD to close at an index level of 38,522.14 and market capitalization of N13.71 trillion.
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18/12/2017AAM Weekly Brief - 11 - 15 December 2017
Market/Economic Insight
The bearish sentiment entered the Nigerian Equity Market last week with the index (NSE ASI) down by 2.09% WTD to close at an index level of 38,436.08 and market capitalization of N13.68 trillion.
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11/12/2017AAM Weekly Brief - 04 -08 December 2017
Market/Economic Insight
The bullish sentiment was sustained in the Nigerian Equity Market last week with the index (NSE ASI) up by 3.46% WTD to close at an index level of 39,257.53 and market capitalization of N13.67 trillion.
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Economic Coverage

DateDescriptionDownload Link
15/10/2019AAM September 2019 Inflation Report
Core Inflation rose for the first time in 2019.
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15/05/2019AAM April 2019 Inflation Report
Inflation Rate rose to 11.37% after 3 consecutive decline
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16/04/2019AAM March 2019 Inflation Report
Inflation Rate Declined Despite a Reduction in MPR
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21/11/2018AAM October 2018 Inflation Report
Inflation Rate Halts its Upward Swing
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16/10/2018AAM September 2018 Inflation Report
Ahead of Treasury Bills Auction Headline Inflation rose for the second time.
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18/09/2018AAM August 2018 Inflation Report
Inflation Rises For The First Time After Decline Streak
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17/08/2018AAM July 2018 Inflation Report
Inflation Report drags lower although still below Central Bank's single digit target
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24/07/2018AAM June 2018 Inflation Report
Headline Inflation Rate Declined for the 17th Consecutive time in June 2018
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13/06/2018AAM May 2018 Inflation Report
Headline Inflation Rate Declined for the 16th Consecutive time - May 2018
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14/03/2018AAM February 2018 Inflation Report
Headline Inflation Rate Declined for the 13th Consecutive time - February 2018
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15/02/2018AAM January 2018 Inflation Report
Headline Inflation Rate Declined for the 12th Consecutive time - January 2018
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28/01/2018AAM Q4 and Full Year 2017 GDP Report
Nigeria Economic Growth: GDP grew by 1.92% in Q4 2017 and 0.83% for full year 2017
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17/01/2018AAM December 2017 Inflation Report
Nigeria’s Headline Inflation Rate Moderates at 15.37% YOY in Dec. 2017
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Equity Coverage

DateDescriptionDownload Link
16/05/2019Bullish Post Listing Market Reaction on MTNN Stock
MTN Nigeria Share rose by 10% from N90 per share to N99 per share after listing on the premium board of the Nigeria Stock Exchange (NSE) yesterday.
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28/02/2019ZENITHBANK Profit After Tax (PAT) grew by 11.30% YoY in FY 2018
Zenith Bank Plc released its Full-year (FY) 2018 financial statement showing a decrease of 15.41% year-on-year (YoY) in gross earnings to ₦630.34 billion while the Profit After Tax (PAT) grew by 11.30% YoY to ₦193.42 billion. The Management proposed a final dividend of N2.50 per share which translates to a dividend yield of 10.04% based on the last traded price.
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17/12/2018Access Bank And Diamond Bank Merge Enlarged Tier 1 Bank
Upliftment of the veil as Access Bank and Diamond Bank announces the proposed merger to form Nigeria’s largest bank.
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24/10/2018GTBANK Q3-2018 RESULT-Q3 Profit After Tax Comes in at N142.22 billion
Despite relatively lower yields environment and uncertainties surrounding the financial sector ahead of the 2019 general elections, GTBank posted a strong Q3 Earnings report with the Gross Earnings showing a growth of 8.83% year-on-year (YoY) to ₦334.27 billion, also the Profit After Tax (PAT) grew by 13.26% YoY to ₦142.22 billion.
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24/08/2018Anchoria AM Sector Report: Insurance New Regulation - Corporate Action (Right Issues, Mergers & Acquisitions, Public Offers) unavoidable for some Insurers
NAICOM introduces a new guideline, Tier Based Minimum Solvency Capital (TMBSC) Sturcture, which will become effective on 1st January 2019 with a stipulated deadline of 14th September 2018 for Insurers to notify NAICOM on their choice of Tier level.
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10/08/2018AAM Research GTBANK HY- 2018 Financial Report - Best in class Return on Equity (ROE), Maintain a Buy Rating
Guaranty Trust Bank Plc released its Half-year (HY) 2018 financial statement showing a growth of 5.85% year-on-year (YoY) in gross earnings to ₦226.63 billion, also the Profit After Tax (PAT) grew by 14.22% YoY to ₦95.58 billion. The Management proposed an interim dividend of N0.30 per share which translates to a dividend yield of 0.77% based on the last traded price.
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08/08/2018AAM Research ZENITH BANK HY- 2018 Financial Report
Zenith Bank Plc released its Half-year (HY) 2018 financial statement showing a decrease of 15.31% year-on-year (YoY) in gross earnings to ₦322.20 billion while the Profit Before Tax (PBT) grew by 16.46% YoY to ₦107.36 billion.
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01/08/2018AAM Research FBNH HY- 2018 Financial Report
FBN Holdings Plc released its Half-year (HY) 2018 financial statement showing a marginal growth of 1.57% year-on-year (YOY) in gross earnings to ₦293.33 billion while the Profit After Tax (PAT) grew by 13.68% YOY to ₦33.52 billion.
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04/05/2018AAM Research FBN Holdings FY 2017 Financial Report
EARNINGS UPDATE│ FBN HOLDING PLC
FBN Holdings Plc released its FY 2017 financial statement showing a marginal growth of 2.34% year-onyear (YOY) in gross earnings to ₦595.45 billion while the Profit After Tax (PAT) grew by 178.78% YOY to ₦47.79 billion. Also, the management of FBN Holdings Plc has proposed a final dividend of ₦0.25 per share which represents a dividend yield of 2.00% based on the last traded price.
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23/03/2018AAM Research Access Bank FY 2017 Financial Report
EARNINGS UPDATE│ACCESS BANK PLC.
Access Bank Plc released its FY 2017 financial statement showing growth of 20.39% year-on-year (YOY) in gross earnings to ₦459.07 billion while the Profit After Tax (PAT) fell by 13.23% YOY to ₦61.99 billion. Also, the management of Access Bank Plc has proposed a final dividend of ₦0.40 per share which represents a dividend yield of 3.60% based on last traded price.
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15/03/2018AAM Research Guaranty Trust Bank FY 2017 Financial Report
EARNINGS UPDATE│ GUARANTY TRUST BANK PLC
Guaranty Trust Bank Plc released its FY 2017 financial statement showing marginally growth of 1.11% year-on-year (YOY) in gross earnings to ₦419.3 billion while the Profit After Tax (PAT) grew by 28.87% YOY to ₦170.5 billion. Also, the management of Guaranty Trust Bank Plc has proposed a final dividend of ₦2.40 per share which represents a dividend yield of 5.07%.
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13/03/2018AAM Research - Zenith Bank FY 2017 Financial Report
EARNINGS UPDATE│ ZENITH BANK PLC
Zenith Bank Plc released its FY 2017 financial statement showing 46.69% year-on-year (YOY) growth in gross earnings to ₦745.2 billion while the Profit After Tax (PAT) grew by 37.24% YOY to ₦177.9 billion. Also, the management of Zenith Bank Plc has proposed a final dividend of ₦2.45 per share which represents a dividend yield of 7.90%.
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Fixed Income Coverage

DateDescriptionDownload Link
14/10/2019Fixed Income Market Monitor 17 - 11 October 2019
The secondary sovereign Bond Market closed on a bearish note last week with the average yield up by 8.00bps to close at 14.10% from 14.17% in the previous week.
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17/06/2019Fixed Income Market Monitor 10 - 14 June 2019
Ahead of the Treasury bill Primary Market Auction last week, the secondary Bond Market traded on a weak note with the average yields trended upward by 2bps to close the week at 14.26%. This was also due to increased investors apathy seen during the week.
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27/05/2019Fixed Income Market Monitor 20 - 24 May 2019
The secondary treasury bills market closed on a flat note due to the issuance of OMO during the week. The average yield closed at 12.15% from 12.14% in the previous week
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20/05/2019Fixed Income Market Monitor 13 - 17 May 2019
The Bond Market closed on a bullish note last week as average yields fell by 11bps to close the week at 13.95% due to continuous reduction seen on short term securities (T-bills) during the week. Yield fell across most maturities, notable includes 2020 (-54bps) and 2021 (-44bps).
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13/05/2019Fixed Income Market Monitor 06 - 10 May 2019
The Bond Market closed on a bullish note last week as average yields fell by 12bps to close the week at 14.06% following the news of re-appointment of the CBN governor for another five-year term.
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06/05/2019Fixed Income Market Monitor 29 April - 03 May 2019
The Bond Market closed on a slightly bullish note last week as average yields fell by 2bps to close the week at 14.27%.
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29/04/2019Fixed Income Market Monitor 23 - 26 April 2019
The Bond Market closed on a bearish note last week as the DMO held its monthly Bond Auction in which the debut 30 years Bond was issued. Average yields rose by 14bps to close the week at 14.29%.
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23/04/2019Fixed Income Market Monitor 15 - 18 March 2019
Despite a relatively quiet week, the Bond Market closed on a bullish note last week with increased demand seen on most maturities especially 2023 (-26bps) and 2027 (-22bps) Bonds.
Average yields fell by 9bps to close the week at 14.16%.
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15/04/2019Fixed Income Market Monitor 08 - 12 March 2019
The Bond Market closed on a bullish note last week despite sell offs and mild activities recorded on the first 2 trading days of the week. Average yields fell by 5bps to close the week at 14.25% following a buying interest witnessed on some bonds most especially the 2024s (-41bps) and 2022 (-32bps).
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08/04/2019Fixed Income Market Monitor 01 - 05 March 2019
The Bond Market traded on a bearish note last week as the Debt Management Office (DMO) released the Q2 Bond Issuance Calendar. The Calendar released was in line with market expectation of issuance of fresh long tenored bond (30-year Bond). We observed a significant sell off in longer tenored bonds most especially 2028s and 2029s Bond. Average yields rose by 23bps to close the week at 14.30%.
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01/04/2019Fixed Income Market Monitor 25 - 29 March 2019
Following the surprised cut in Monetary Policy Rate (MPR) to 13.50% from 14.00% and reduction in spot rate at the Bond Market Auction conducted during the week, the Secondary Bond Market traded on a bullish note as demand was seen on most maturities especially the short tenor bonds. Average yields fell by 16bps to close the week at 14.07%.
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14/01/2019Fixed Income Market Monitor 07 - 11 January 2019
The Bond Market closed on a bullish note last week with yields compressing across all maturities with the exception of 2021s and 2037s bond. Average yields fell by 4bps to close the week at 15.29%.
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24/12/2018Fixed Income Market Monitor 17 - 21 Dec 2018
The Bond Market closed on a bullish note last week with yields compressing across all maturities with the exception of 2020s, 2023s and 2025s bond. Average yields fell by 15bps to close the week at 15.40%.
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17/12/2018Fixed Income Market Monitor 10 - 14 Nov 2018
The Bond Market closed on a bullish note last week with yields compressing across most maturities with the demand more pronounced on 2028 and 2037 bonds.
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10/12/2018Fixed Income Market Monitor 03 - 07 Nov 2018
The Bond Market traded on a bearish note last week with yields rising across most maturities with the exception of 2020 and 2027 bonds that fell by 11bps and 17bps respectively.
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03/12/2018Fixed Income Market Monitor 26 - 30 Nov 2018
Following the OMO auction that witnessed a hike in rates to a year high of 15.00%, the Bond market traded on a bearish note to close the week at an average yield of 15.47%, 7bps higher than the previous week yield.
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26/11/2018Fixed Income Market Monitor 19 - 23 Nov 2018
Following the Bond Auction and Monetary Policy Committee Meeting, the Bond market witnessed some level of activity with demand well pronounced on 2034s and 2030s maturities.
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19/11/2018Fixed Income Market Monitor 12 - 16 Nov 2018
The Bond market continued on its bearish trend last week with yields rising across most maturities with selloff well pronounced on 2020 and 2037 bonds.
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12/11/2018Fixed Income Market Monitor 05 - 09 Nov 2018
The Bond market continued its bearish trend last week with yields rising across most maturities traded except for the 2036 bond that witnessed 5bps dip in yield
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5/11/2018Fixed Income Market-Monitor 29 Oct-02 Nov 2018
The Bond market continued on its bearish trend last week with yields rising across most maturities traded and selloffs more pronounced on 2034 and 2030 bonds.
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29/10/2018Anchoria AM Fixed Income Market Monitor 22- 26 October 2018
The Bond market continued on its bearish trend last week with yields rising across most maturities traded and selloffs pronounced on short and mid tenor bonds.
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22/10/2018Anchoria AM Fixed Income Market Monitor 15- 19 October 2018
The Bond market traded on a bearish note last week with yields rising across most maturities traded and selloffs well pronounced on JAN 2022 and JUL 2021 bonds.
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15/10/2018Anchoria AM Fixed Income Market Monitor 08- 12 October 2018
The Bond market traded on a bearish note last week with yields rising across most maturities traded and selloffs well pronounced on FEB 2020 and FEB 2028 bonds.
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08/10/2018Anchoria AM Fixed Income Market Monitor 01- 05 October 2018
The Bond market traded on a bullish note last week with yields falling across all maturities traded except 2024, 2027 and 2036 bonds.
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02/10/2018Anchoria AM Fixed Income Market Monitor 24- 28 September 2018
The Bond market traded on a bullish note last week with yields falling across all maturities traded. This is against the backdrop of increased buying interest from local participants (Pension Fund Administrators and Asset Managers).
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24/09/2018Anchoria AM Fixed Income Market Monitor 17- 21 September 2018
The Bond market traded on a bullish note last week with yields falling across all maturities except 2024 and 2028 bonds. This is against the backdrop of increased buying interest from local participants (Pension Fund Administrators and Asset Managers).
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10/09/2018Anchoria AM Fixed Income Market Monitor 10- 14 August 2018
The Bond market traded on a bearish note last week with sell offs on most the tenors except for 2021 and 2028 bonds which witnessed increased buying interest from local participants, yield on 2028 bond fell by 16bps.
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10/09/2018Anchoria AM Fixed Income Market Monitor 03- 07 August 2018
The Bond market traded on a bearish note last week with sell offs on all the tenors. Sell offs was more pronounced on the shorter tenor bonds in reaction to increase OMO T-bills spot rate at the last auction (12.50% for 182 days OMO bills)
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03/09/2018Anchoria AM Fixed Income Market Monitor 27 - 31 August 2018
The Bond market traded on a bearish note last week with sell offs in most of the tenors. Sell offs was more pronounced on the JAN 2026 bonds (+38bps). The 2027 and 2036 bonds were the most traded bonds during the week with N95.37bn and N105.80bn value traded respectively.
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27/08/2018Anchoria AM Fixed Income Market Monitor 13 - 17 August 2018
The Bond market traded on a flat note last week with mixed reactions in different tenors. Sell offs was more pronounced on the APR 2037 bonds (+73bps) while demand was more pronounced on FEB 2020 Bonds (-23bps). The 2027 and 2028 bonds were the most traded bonds during the week with N20.81bn and N23.31bn value traded respectively.
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20/08/2018Anchoria AM Fixed Income Market Monitor 13 - 17 August 2018
The Bond market traded on a bearish note last week as sell offs were witnessed on all tenors. The 2036 and 2028 bonds are the most traded bonds during the week with N35.06bn and N72.63bn value traded respectively.
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13/08/2018Anchoria AM Fixed Income Market Monitor 06 - 10 August 2018
The Bond market traded on a bearish note last week as sell offs were witnessed on most tenors, most especially 2020 and 2027 bonds, this can be attributed to the following: foreign investors sell off in emerging markets as Turkey’s financial crisis deepens, and weak demand as investors anticipate the re-opening of bonds this week. The average yield in the bond market rose by 24bps to close the week at 14.21%.
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06/08/2018Anchoria AM Fixed Income Market Monitor 30 Jul - 03 Aug 2018
The Bond market traded on a slightly bullish note last week as demands were witnessed on some tenors, most especially 2020 and 2036 bonds. The average yield in the bond market fell marginally by 3bps to close the week at 13.97%.
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30/07/2018Anchoria AM Fixed Income Market Monitor 23 - 27 July 2018
The Bond market traded on a bearish note last week as selloff were witnessed on most tenors. Investors were bearish on 2028 FGN bond due to higher marginal rate at the Bond Auction held during the week. The average yield in the bond market rose by 15bps to close the week at 14.01%.
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23/07/2018Anchoria AM Fixed Income Market Monitor 16 - 20 July 2018
The Bond market traded on a mixed note last week as bullish sentiments were witnessed on the short end of the curve while the longer tenor bonds saw some sell off from domestic investors. The demand was well pronounced in 2027 bonds. The average yield in the bond market fell by 3bps to close the week at 13.85%.
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16/07/2018Anchoria AM Fixed Income Market Monitor 09 - 13 July 2018.pdf
The Bond market traded on a mixed note last week as bearish sentiments were witnessed on the short end of the curve while the longer tenor bond saw some demand from domestic investors with the demand well pronounced in 2027 and 2036 bonds.
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09/07/2018Anchoria AM Fixed Income Market Monitor 02 - 06 July 2018.pdf
Bearish sentiments were witnessed in the bond market last week as yields increased across all tenors with sell off more pronounced on the 2034 and 2037 bonds.
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02/07/2018Anchoria AM Fixed Income Market Monitor 25 - 29 June 2018.pdf
Bearish sentiments were witnessed in the bond market last week as yields increased in the mid and long ends of the curve while at the short ends, yield contracted with increased demand pressure on the Feb 2020 bonds (68 bps)
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25/06/2018Anchoria AM Fixed Income Market Monitor 19 - 22 June 2018.pdf
Bearish sentiments were witnessed in the bond market last week as yields increased across all maturities with exception of 15 Jul 2021 bond which fell by 0.01% to close the week at N102.52.
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Weekly Reports

DateDescriptionDownload Link
14/10/2019Anchoria AM Weekly Brief 07 - 11 October 2019
Despite President Muhammadu Buhari’s presentation of the 2020 budget proposal of N10.33trn to the lawmakers at the National Assembly, the performance of the Nigerian Equity Market remained bearish with the index (NSE ASI) down by 1.68% Week to Date (WTD) to close at an index level of 26,533.78 and Market capitalization of N12.91 trillion.
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20/05/2019Anchoria AM Weekly Brief 13 - 17 May 2019
With the listing of 20.4 billion ordinary shares of MTN Nigeria’s shares at N90 per share last week, the performance of the Nigerian Equity Market closed bullish last week with the index (NSE ASI) trending upward by 0.08% WTD to close at an index level of 28,871.93
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13/05/2019Anchoria AM Weekly Brief 06 - 10 May 2019
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) trending downward by 1.25% WTD to close at an index level of 28,847.81 and Market capitalization of N10.84 trillion.
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06/05/2019Anchoria AM Weekly Brief 29 April - 03 May 2019
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) trending downward by 1.78% WTD to close at an index level of 29,212.00 and Market capitalization of N10.98 trillion.
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29/04/2019Anchoria AM Weekly Brief 23 - 26 April 2019
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 1.15% WTD to close at an index level of 29,740.41 and Market capitalization of N11.18 trillion.
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23/04/2019Anchoria AM Weekly Brief 15 - 18 April 2019
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 1.78% WTD to close at an index level of 30,086.31 and Market capitalization of N11.31 trillion.
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15/04/2019Anchoria AM Weekly Brief 08 - 12 April 2019
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 0.19% WTD to close at an index level of 29,560.47 and Market capitalization of N11.10 trillion.
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08/04/2019Anchoria AM Weekly Brief 01 - 05 April 2019
The performance of the Nigerian Equity Market remained largely bearish last week with the index (NSE ASI) down below its resistant level of 30,000 pts. The index was down by 4.59% WTD to close at an index level of 29,616.38 and Market capitalization of N11.12 trillion.
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01/04/2019Anchoria AM Weekly Brief 25 - 29 March 2019
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 0.31% WTD to close at an index level of 31,041.42 and Market capitalization of N11.67 trillion.
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14/01/2019Anchoria AM Weekly Brief 07 - 11 January 2019
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 2.64% WTD to close at an index level of 29,830.70 and Market capitalization of N11.12 trillion.
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31/12/2018Anchoria AM Weekly Brief 24 - 28 December 2018
The performance of the Nigerian Equity Market remained bullish last week with the index (NSE ASI) up by 0.86% WTD to close at an index level of 31,037.72 and Market capitalization of N11.34 trillion.
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24/12/2018Anchoria AM Weekly Brief 17 - 21 Dec 2018
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by WTD to 0.33% close at an index level of 30,773.64 and Market capitalization of N11.24 trillion.
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17/12/2018Anchoria AM Weekly Brief 10 - 14 Dec 2018
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by WTD to close at 0.63% an index level of 30,672.79 and Market capitalization of N11.20 trillion.
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10/12/2018Anchoria AM Weekly Brief 03 - 07 Dec 2018
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 0.02% WTD to close at an index level of 30,866.82 and Market capitalization of N11.269 trillion.
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03/12/2018Anchoria AM Weekly Brief 26 - 30 Nov 2018
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 2.54% WTD to close at an index level of 30,874.17 and Market capitalization of N11.27 trillion.
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26/11/2018Anchoria AM Weekly Brief 19 - 23 Nov 2018
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 1.18% WTD to close at an index level of 31,678.70 and Market capitalization of N11.57 trillion.
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19/11/2018Anchoria AM Weekly Brief 12 - 16 Nov 2018
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 0.44% WTD to close at an index level of 32,058.28 and Market capitalization of N11.70 trillion.
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12/11/2018Anchoria AM Weekly Brief 05 - 09 Nov 2018
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 0.23% WTD to close at an index level of 32,200.21 and Market capitalization of N11.76 trillion.
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5/11/2018Anchoria AM Weekly Brief 29 Oct -02 Nov 2018
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 2.38% WTD to close at an index level of 32,124.94 and Market capitalization of N11.73 trillion.
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29/10/2018Anchoria AM Weekly Brief 22 - 26 October 2018
The performance of the Nigerian Equity Market remained bullish last week with the index (NSE ASI) up by 0.20% WTD to close at an index level of 32,907.33 and Market capitalization of N12.01 trillion.
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22/10/2018Anchoria AM Weekly Brief 15 - 19 October 2018
The performance of the Nigerian Equity Market remained bullish last week with the index (NSE ASI) up by 1.19% WTD to
close at an index level of 32,841.98 and Market capitalization of N11.99trillion.
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15/10/2018Anchoria AM Weekly Brief 08 - 12 October 2018
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 0.23% WTD to close at an index level of 32,456.98 and Market capitalization of N11.85 trillion.
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08/10/2018Anchoria AM Weekly Brief 01 - 05 October 2018
The performance of the Nigerian Equity Market returned bearish last week with the index NSE ASI) down by 1.17% WTD to close at an index level of 32,383.15 and Market capitalization of N11.82 trillion
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02/10/2018Anchoria AM Weekly Brief 24 - 28 September 2018
The performance of the Nigerian Equity Market remained bullish last week with the index (NSE ASI) up marginally by 0.70% WTD to close at an index level of 32,766.37 and Market capitalization of N11.96 trillion.
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24/09/2018Anchoria AM Weekly Brief 17 - 21 September 2018
Market/Economic Insight
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up marginally by 0.66% WTD to close at an index level of 32,540.17 and Market capitalization of N11.88 trillion
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17/09/2018Anchoria AM Weekly Brief 10 - 14 September 2018
Market/Economic Insight
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 5.02% WTD to close at an index level of 32,327.59 and Market capitalization at N11.80 trillion
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10/09/2018Anchoria AM Weekly Brief 03 - 07 September 2018
Market/Economic Insight
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 2.33% WTD to close at an index level of 34,037.91 and Market capitalization at N12.43 trillion.
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03/09/2018Anchoria AM Weekly Brief 27 - 31 August 2018
Market/Economic Insight
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 1.63% WTD to close at an index level of 34,848.45 and Market capitalization at N12.72 trillion.
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27/08/2018Anchoria AM Weekly Brief 20 - 24 August 2018
Market/Economic Insight
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 0.45% WTD to close at an index level of 35,426.17 and Market capitalization at N12.93 trillion.
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20/08/2018Anchoria AM Weekly Brief 13 - 17 August 2018
Market/Economic Insight
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 0.51% WTD to close at an index level of 35,266.29 and Market capitalization at N12.88 trillion.
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13/08/2018Anchoria AM Weekly Brief 06 - 10 August 2018
Market/Economic Insight
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 2.89% WTD to close at an index level of 35,446.47 and Market capitalization at N12.94trillion.
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06/08/2018Anchoria AM Weekly Brief 30 July - 03 August 2018
Market/Economic Insight
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 0.37% WTD to close at an index level of 36,499.67 while market capitalization rose by 0.32% to close at N13.32 trillion.
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30/07/2018Anchoria AM Weekly Brief 23 July - 27 July 2018
Market/Economic Insight
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up marginally by 0.09% WTD to close at an index level of 36,636.97 and market capitalization of N13.27 trillion
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23/07/2018Anchoria AM Weekly Brief 16 July - 20 July 2018
Market/Economic Insight
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 2.11% WTD to close at an index level of 36,603.44 and market capitalization of N13.26 trillion.
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16/07/2018Anchoria AM Weekly Brief 09 July - 13 July 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 0.62% WTD to close at an index level of 37,392.77 and market capitalization of N13.55 trillion.
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09/07/2018Anchoria AM Weekly Brief 02 July - 06 July 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 1.71% WTD to close at an index level of 37,625.59 and market capitalization of N13.63 trillion.
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02/07/2018Anchoria AM Weekly Brief 25 June - 29 June 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 1.10% WTD to close at an index level of 38,278.55 and market capitalization of N13.87 trillion.
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25/06/2018Anchoria AM 18 June - 22 June 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 2.74% WTD to close at an index level of 37,862.53 and market capitalization of N13.72 trillion.
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19/06/2018Anchoria AM 11 June - 15 June 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market remained bullish last week with the index (NSE ASI) up by 0.67% WTD to close at an index level of 38,928.02 and market capitalization of N14.10 trillion.
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11/06/2018Anchoria AM 04 June - 08 June 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market was largely bullish last week with the index (NSE ASI) up by 5.03% WTD to close at an index level of 38,669.23 and market capitalization of N14.01 trillion
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04/06/2018AAM Weekly Brief 28 May - 01 June 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market was largely bearish last week with the index (NSE ASI) down by 6.38% WTD to close at an index level of 36,816.29 and market capitalization of N13.34 trillion.
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28/05/2018AAM Weekly Brief 21 May - 25 May 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market was bearish last week with the index (NSE ASI) down by 2.84% WTD to close at an index level of 39,323.62 and market capitalization of N14.24 trillion.
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21/05/2018AAM Weekly Brief 14 May-18 May 2018.pdf
Market/Economic Insight
The performance of the Nigerian Equity Market was bearish last week with the index (NSE ASI) down by 1.34% WTD to close at an index level of 40,472.45 and market capitalization of N14.66 trillion.
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14/05/2018AAM Weekly Brief 07 May- 11 May 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was bearish last week with the index (NSE ASI) down by 0.48% WTD to close at an index level of 41,022.31 and market capitalization of N14.86 trillion.
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07/05/2018AAM Weekly Brief 30 April - 4 May 2018
Market/Economic Insight
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 0.06% WTD to close at an index level of 41,218.72 and market capitalization of N14.93 trillion.
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30/04/2018AAM Weekly Report 23 - 27 April 2018
Market/Economic Insight
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 1.05% WTD to close at an index level of 41,244.89 and market capitalization of N14.94 trillion.
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23/04/2018AAM Weekly Brief-16 - 20 April 2018
Market/Economic Insight
The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 0.28% WTD to close at an index level of 40,814.89 and market capitalization of N14.74 trillion.
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16/04/2018AAM Weekly Brief- 09 - 13 April 2018
Market/Economic Insight
The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 0.21% WTD to close at an index level of 40,928.70 and market capitalization of N14.78 trillion.
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09/04/2018AAM Weekly Brief- 02 - 06 April 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was bearish last week with the index (NSE ASI) down by 1.60% WTD to close at an index level of 40,841.14 and market capitalization of N14.75 trillion.
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03/04/2018AAM Weekly Brief- 26 - 29 March 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was bullish last week with the index (NSE ASI) up by 0.08% WTD to close at an index level of 41,504.51 and market capitalization of N14.99 trillion.
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26/03/2018AAM Weekly Brief- 19 - 23 March 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was largely bearish last week with the index (NSE ASI) down by 1.11% WTD to close at an index level of 41,472.70 and market capitalization of N14.98 trillion.



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19/03/2018AAM Weekly Brief- 12 - 16 March 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was largely bearish last week with the index (NSE ASI) down by 2.85%WTD to close at an index level of 41,935.93 and market capitalization of
N15.00 trillion.

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12/03/2018AAM Weekly Brief- 05 - 09 March 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was bullish last week with the index (NSE ASI) up by 0.68% WTD to close at an index level of 43,167.86 and market capitalization of N15.51 trillion.
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05/03/2018AAM Weekly Brief- 26 February - 02 March 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was bullish last week with the index (NSE ASI) up by 0.72% WTD to close at an index level of 42,876.23 and market capitalization of N15.40 trillion.
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26/02/2018AAM Weekly Brief- 19 - 23 February 2018
Market/Economic Insight
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 0.16% WTD to close at an index level of 42,570.89 and market capitalization of N15.27 trillion.
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19/02/2018AAM Weekly Brief- 12 - 16 February 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was largely bearish last week with the index (NSE ASI) down by 1.13% WTD to close at an index level of 42,638.83 and market capitalization of N15.30 trillion.

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12/02/2018AAM Weekly Brief- 05 - 09 February 2018
Market/Economic Insight
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05/02/2018AAM Weekly Brief- 29 January - 02 February 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was bullish last week with the index (NSE ASI) up by 0.98% WTD to close at an index level of 44,639.99 and market capitalization of N16.02 trillion.
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29/01/2018AAM Weekly Brief- 22 - 26 January 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was largely bearish for the first time in the year with the index (NSE ASI) down by 2.93% WTD to close at an index level of 43,773.76 and market capitalization of N15.69 trillion.
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22/01/2018AAM Weekly Brief- 15 - 19 January 2018
Market/Economic Insight
The performance of the Nigerian Equity Market continued on a bullish note for the third consecutive week in the year with the index (NSE ASI) up by 5.11% WTD to close at an index level of 45,092.83 and market capitalization of N16.15 trillion.
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15/01/2018AAM Weekly Brief- 08 - 12 January 2018
Market/Economic Insight
The performance of the Nigerian Equity Market was largely bullish for the second consecutive week in the year with the index (NSE ASI) up by 10.72% WTD to close at an index level of 42,898.90 and market capitalization of N15.37 trillion.
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08/01/2018AAM Weekly Brief- 02 - 05 January 2018
Market/Economic Insight
It was the first trading week for the year 2018 and the performance of the Nigerian Equity Market was largely bullish for the week with the index (NSE ASI) up by 1.78% WTD to close at an index level of 38,923.26 and market capitalization of N13.85 trillion.
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02/01/2018AAM Weekly Brief - 27 - 29 December 2017
Market/Economic Insight
It was the last trading week for year 2017 and a brief one as the market opened for 3 days in observance of the Christmas break for the first two days of the week
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27/12/2017AAM Weekly Brief - 18 - 22 December 2017
Market/Economic Insight
The bullish sentiment permeated the Nigerian Equity Market last week with the index (NSE ASI) up by 0.22% WTD to close at an index level of 38,522.14 and market capitalization of N13.71 trillion.
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18/12/2017AAM Weekly Brief - 11 - 15 December 2017
Market/Economic Insight
The bearish sentiment entered the Nigerian Equity Market last week with the index (NSE ASI) down by 2.09% WTD to close at an index level of 38,436.08 and market capitalization of N13.68 trillion.
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11/12/2017AAM Weekly Brief - 04 -08 December 2017
Market/Economic Insight
The bullish sentiment was sustained in the Nigerian Equity Market last week with the index (NSE ASI) up by 3.46% WTD to close at an index level of 39,257.53 and market capitalization of N13.67 trillion.
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