September 21, 2021/United Capital Research Since the initial foreign capital flight triggered by the pandemic in early 2020, Emerging Markets (EMs) have benefitted from the knock-on effects of accommodative monetary policy, which prompted investors to seek higher yields. However, with inflation rising across developed economies and decent economic rebound from […]

September 20, 2021/Proshare by FBNQuest Research  We saw in the FGN’s investor presentation on Friday for the current Eurobond issue that its domestic debt totalled NGN17.63trn (USD42.8bn at the I&E/NAFEX rate) at end-June, equivalent to 10.9% of 12M GDP to Q2 ’21.  The burden increased by NGN1.12trn in three months […]

September 20, 2021/Proshare by FBNQuest Research   6% upward revision to our price target following valuation rollover to FY ’22f GTCO’s management has maintained its FY ’21 ROAE guidance of 25%, despite weaker-than-expected H1 ’21 results which translate to an annualised ROAE of c.20%. Management has a more optimistic outlook for […]