August 31, 2016/Reuters Nigeria’s central bank sold dollar to some commercial lenders on Wednesday to support the local currency, which hit a fresh all-time low of 420 to the dollar on the unofficial market, the same day Africa’s biggest economy officially slid into recession. The currency traded at 418 to […]
Updates
Guaranty Trust Bank Rating Moved to Neutral from Outperform
Culled—-Proshare August 31, 2016/FBNQuest Research Resilience reflected in valuation at current levels GT Bank shares have performed very strongly year-to-date. They are up 44%, compared with a loss of –4% for the ASI. The justification for this outperformance can be traced to the ability of the bank to weather the […]
Naira woes push headline inflation rate to 17.1% as GDP contracts further
August 31, 2016/FDC Slightly below analyst consensus, headline inflation spiked further to 17.1% in July from 16.5% in June, a 0.6% increase. It was driven mainly by supply shocks, forex scarcity, speculation and uncertainty premium. Most notable in the consumer basket was the increase in the food and core indices […]
