STOCKBROKERS ZAMBIA LIMITED 2017 REVIEW AND 2018 OUTLOOK from recovery to growth
|
|
- Gavin Anderson
- 5 years ago
- Views:
Transcription
1 Corporate Finance Research Trading STOCKBROKERS ZAMBIA LIMITED from recovery to growth 28 TH FEBRUARY 2018 Evelyne Nambeye
2 The LuSE All-Share Index ( LASI ) ended 2017 with a 26.84% increase in Kwacha terms and a 25.95% increase in USD terms reversing the 26.83% Kwacha drop and 19.01% USD decline recorded in This is largely attributed to 11 of the 22 listed firms on the bourse recording capital gains and the improved macroeconomic conditions the country experienced in Overview 2017 was a year of economic revival for Zambia following the economic trials that affected the country during the second half of 2015 and throughout 2016 (i.e. poor harvest, power shortage, declining copper prices, inflationary pressures, and a volatile currency). The increase in copper prices by 30.94% in 2017 compared to 17.6% in 2016; improved agricultural output and hydro-electricity generation following a heavier and longer rainy season; deceleration of inflation; a stable currency and the Bank of Zambia s ( BoZ ) expansionary monetary policy stance have all played a significant role in cultivating economic activity and improving the country s economic outlook in the short to medium-term. This improvement is reflected in the announcement by the rating agencies Moody s and Standard & Poor s revising the outlook on Zambia from negative to stable on January 26 th, 2018 and August 26 th, 2017 respectively. Monetary Policy was Loosened With money market inflation remaining within the BoZ medium-term inflation target of 6-8% and well below the 2017 target of 9.0%, BoZ eased its contractionary monetary policy stance by taking the following actions: i. In February 2017, the Monetary Policy Committee ( MPC ) reduced the Monetary Policy Rate ( MPR ) to 14.0% from 15.5%; restored the Overnight Lending Facility ( OLF ) Rate to 600 basis points from 1,000 basis points above the MPR; and reduced the Statutory Reserve Ratio ( Reserve Ratio ) to 15.5% from 18.0%; ii. In May 2017, the MPC lowered the MPR to 12.5% from 14.0% and reduced the Reserve Ratio to 12.5% from 15.5%; iii. iv. In August 2017, the MPR was further reduced by 150 basis points to 11.0% from 12.5% and the Reserve Ratio was also further reduced by 300 basis points to 9.5% from 12.5%; and In November 2017, the MPR was again lowered by 75 basis points to 10.25% from 11.0% and the Reserve Ratio was also lowered by 150 basis points to 8.0% from 9.5%. The above measures taken by the MPC were aimed at reducing the cost of BoZ lending to commercial banks and stimulating the increase in commercial bank liquidity thus resulting in a decrease in interbank and treasury bill ( T-bill ) rates. Despite this, bank lending rates remain generally high, with the average nominal lending rates only marginally declining from 29.2% in December 2016 to 24.6% in December The high lending rates continue to restrict private sector credit growth, especially for small and medium enterprises ( SME ), and in turn stifle economic growth. Top 5 Gainers (2017) Opening Closing % change % change Company Price Price (ZMW) (USD) LASI 4, , % 25.95% ZANACO % % AELZ % % CEC % 64.36% LAFARGE % 59.54% SCZ % 58.99% Top 5 Losers (2017) Opening Closing % change % change Company Price Price (ZMW) (USD) NATBREW % -4.52% MFIN % -5.60% ZSUG % % PRIMA-RE % % BATZ % % BATZ % % Source: BoZ/LuSE Page 1 of 6
3 Money Market Perceived as Stable The performance of the Zambian Kwacha against the United States Dollar during the first seven months of 2017 was nothing short of outstanding. The Kwacha began the year at ZMW/USD 9.92 and ended the first seven months of the year at ZMW/USD 8.91 representing an appreciation of approximately 10.45%. However, the Kwacha came under pressure between August 2017 and November 2017, depreciating by 13.06% thus reversing the gains recorded between January and July The depreciation was due to a 28.8% decrease in copper export volumes as a result of a 5.8% drop in copper production due to Kansanshi Copper Mine, Zambia s largest copper mining company, closing one of its smelters for maintenance. The weakening market sentiment following delays in concluding a programme with the IMF and continued challenges associated to the Government s fiscal and debt position also attributed to the depreciation of the Kwacha. The Kwacha ended the year at ZMW/USD 9.99, recording a marginal depreciation of 0.71% for the year. Steady GDP Growth on Strong Fiscal Consolidation Despite the improved macroeconomic conditions (i.e. bumper harvest, improved electricity generation, inflation remaining in the single digits and the easing of monetary policy), overall economic growth has been constrained. This is attributed to the poor performance of the services, mining and construction sectors and decreased levels of public investment compared to the period and the high cost of bank borrowing despite the reduction in the MPR and T-bill rates (World Bank Zambia Economic Brief: Issue 10). The World Bank has thus revised 2017 GDP growth downwards from 4.1% to 3.8%, which is a modest improvement from the 2016 GDP growth of 3.6%. GDP growth is projected to bolster to 4.3% in 2018 and 4.7% in The medium-term GDP growth is underpinned by: Improved performance in the services sector; Continued increases in copper prices; An increase in copper production from new and refurbished mines; Inflation remaining well within the medium-term target of 6-8%; and The continued easing of monetary policy by BoZ supported by a strong fiscal consolidation. On the global front, 2017 global growth was recorded at 3%, its strongest rate in 6 years. It is projected to marginally increase to 3.1% in 2018 as emerging market and developing economies continue their road to recovery which will more than offset the slight moderation in advanced economies (The World Bank Global Outlook: Broad-Based Upturn: Will it Last? January 2018). Source: BoZ Source: World Bank Equity Market Review for saw the LASI gain by 26.84% in local currency terms and 25.95% in USD terms. The manufacturing sector gained 18.95% pulling back from its 2016 loss of 39.03% as AELZ, BATA, LAFARGE and ZAMBREW gained %, 2.05%, 60.67% and 10.32% respectively. AELZ s impressive gain is attributed to an outstanding dividend declaration of ZMW 2.40 per share. The resulting dividend yield ( DY ) of 35.29% acted as a catalyst for price formation of the stock. The banking sector had an astronomical year gaining 79.57%, reversing its 2016 loss of 33.35%, as SCZ and ZANACO gained 60.12% and % respectively. BoZ easing its contractionary Page 2 of 6
4 monetary stance attributed to the banking sector performance. The agricultural processing sector recorded a gain of 1.85%, compared to its 2016 loss of 28.74%, as ZAMBEEF gained 20.00% whereas ZSUG shed 10.00% of its value. The investments sector gained 0.91% due to CCHZ recording a gain of 33.33%. ATEL, PUMA and CEC gained 7.69%, 17.65%, and 65.52% respectively where as BATZ, PRIMA RE, and MFIN declined by 18.37%, 13.79% and 4.94% respectively. On the quoted-tier, CEC Africa ( CCAF ) recorded a 28.57% price decline. CCAF began trading on 3 rd November 2017 at ZMW 0.59 and ended the year at ZMW CCAF was quoted on 29 June 2017 following its demerger from Copperbelt Energy Corporation Plc ( CEC ) in December The road to achieve the required LuSE minimum spread continued with ZAMEFA, PUMA, ZSUG and AELZ all achieving compliance during the year. ATEL, SCZ, ZAMBREW, PAMODZI, ZCCM-IH, and BATZ are yet to comply with the minimum spread. LuSE Switches to New Automated Trading System The LuSE launched its new automated Trading, Clearing and Settlement System on 18 December The advanced and innovative system will enhance and promote efficiency in trading, clearing and settlement on the LuSE. Total equity turnover for the year was up % from ZMW 276.3m to ZMW 1.2bn (or c. USD 26.8m to USD 125.4m) in This was the largest turnover ever recorded on the LuSE, slightly surpassing the ZMW 1.1bn recorded in Volumes traded also increased by % from 105.2m shares to 852.2m shares. Market capitalisation on the LuSE closed the year at ZMW 62.4m (USD 6.2bn), compared to the 2016 close of ZMW 57.7Bbn (USD 5.8bn). Average daily volume and turnover traded was 3.5m and ZMW 4.9m, respectively, versus the 0.42m and ZMW 1.1m recorded in The foreign participation by turnover value was 34.28% of the total turnover, down from the 53.62% recorded in The turnover ratio was recorded at 4.24%, substantially larger than the 0.92% recorded in 2016 and the market PER closed at 10.07x compared to the 13.39x recorded in ZANACO was the most active stock in terms of turnover and volume, contributing 54.01% and 80.44% of the total market turnover and volume. This was due to Rabo Development B.V. ( Rabo ) transferring its 45.59% (658.2m shares) shareholding in ZANACO to Arise B.V. ( Arise ) on 30 June 2017 in a shareholder restructuring via the Lusaka Securities Exchange ( LuSE ). NATBREW came in second contributing 10.53% and 5.20% of the total market turnover and volume. The NATBREW trading activity was attributed to Heinrich s Syndicate Limited selling 70.00% of its shareholding to Delta Corporation Limited on 26 December Source: S&P/LuSE 10 Most Active Stocks by Volume Company Vol % of Total ZANACO % NATBREW % SCZ % ZAMBEEF % ZAMBREW % PUMA % ZSUG % LAFARGE % BATZ % CEC % 10 Most Active Stocks by Turnover (ZMW'000) Company Turnover % of Total ZANACO % NATBREW % ZAMBREW % ZAMBEEF % SCZ % ATEL % LAFARGE % ZSUG % REIZ % ZAMEFA % Page 3 of 6
5 No New Listings There were no new listings on the main board or the Alternative Exchange Market ( Alt-M ). The Alt-M was launched in 2015 to facilitate long term financing for private sector investment and to encourage transitionary participation by emerging corporates that have not yet met the listings requirements for the main board. Market Outlook for 2018 Zambia is set to continue its path to economic recovery in Given the improving macroeconomic conditions, domestic GDP growth is projected by the World Bank at 4.3% in 2018 versus the Sub-Saharan Africa ( SSA ) GDP growth estimate of 3.2% and an increase from the estimated 3.8% for GDP growth is projected to further increase to 4.7% in 2019 versus the SSA GDP growth rate of 3.5%. The projections assume continued easing of monetary policy supported by a strong fiscal consolidation; increased copper prices and production; improved performances in the services sector and BoZ containing inflation within its 6-8% medium-term target. Debt Capacity Concerns There is mounting pressure on the Government to take appropriate actions to address the fiscaldebt problem. Total public sector and publicly guaranteed debt has increased from 35.6% of GDP recorded in 2014 to 60.5% of GDP recorded at the end of 2016 (World Bank Zambia Economic Brief: Issue 10). As at August-end 2017, total public debt (external and domestic) was at 47% of GDP (or c. ZMW 114.9bn equivalent to US$12.45bn) (Zambia 2018 Budget Address). The World Bank and IMF debt sustainability analysis has put the country at high risk of debt distress as Zambia is accumulating too much debt at an increasing rate. To address the need of debt management, the Ministry of Finance has initiated a Medium- Term Debt Management Strategy ( MTDS ) which outlines measures that will aim to reduce the rate of debt accumulation and achieve a desired composition of the debt portfolio which captures Government s risk and cost preferences (Zambia Medium-Term Debt Strategy ( )). Such measures include altering the current 45%:55% domestic external debt mix to 60%:40%; reducing foreign currency denominated debt; prioritising concessional and semi-concessional financing; ensuring public debt is maintained at sustainable levels over the medium to long-term; and communication with market participants and stakeholders regarding the MTDS and its objectives. A Role for Capital Markets? Furthermore, Government has recognised the need to develop and utilize the capital markets as an alternative to banking sector finance. Capital markets are a cheaper source of raising long-term financing for the private sector and State-Owned Enterprises ( SOEs ). Government has yet to outline the strategies it will employ to address the underdeveloped and underutilized capital markets. There is a need for Government to implement strategies that will, on one hand attract private sector companies and SOEs listings for development of the capital market, and on the other hand, attract and retain listings for the commercial benefits associated with listing. LuSE Market Free-Float Compliance 2018 is set to be another interesting year on the LuSE as it pursues to ensure the remaining six non-compliant firms (ZCCM-IH, Airtel, Stanchart, ZAMBREW, BATZ, and Pamodzi) comply with the LuSE minimum spread requirement. It is highly unlikely that the local market alone will be able to absorb the large quantity of shares given the small number of active institutional and retail investors. However, if the pricing is right, we can expect strong participation from foreign value investors looking to cash in on the continued upswing of the markets in the medium-term. Top Stock Picks for 2018 The continued easing of monetary policy by BoZ will continue to boost the performance of the banking sector but there is a risk the sector will become overvalued as investors rush to participate in the continued upswing of the sector. Lafarge will again have to navigate a difficult year ahead as there are possibilities of additional new players entering the cement market. Of our stocks under coverage, our top-3 picks are: AIRTEL This stock is an attractive choice for investors who enjoy a healthy dividend yield. Page 4 of 6
6 The company recorded a 2017 capital gain of 7.69% and there is still room for the stock to record capital gains as it is currently trading at a 30.35% discount to its current market price. Our comparative valuation currently values the stock at ZMW vs a current price of ZMW 35.00, with the stock trading at a PER, PBV and DY of 15.88x, 7.52x and 11.43% respectively vs the respective PER, PBV and DY peer averages of 19.16x, 7.03x and 3.29%. PUMA Puma had a strong performance on the LuSE in 2017 recording a capital gain of 17.65%. The stock has strong fundamentals and strong potential for growth with oil prices forecasted to increase to $70 a barrel in We value PUMA at ZMW 1.87 vs. a current price of ZMW 1.00, with the stock trading at a PER, PBV and DY of 7.36x, 0.85x and 5.40% respectively vs the PER, PBV and DY peer averages of 13.58x, 1.58x and 2.13% respectively. ZAMBREW Zambrew is set to have an exciting year ahead on the LuSE. The oncoming acquisition of the non-alcoholic ready-to-drink business segment of the Company by The Coca- Cola Company will ultimately be beneficial to Zambrew as it is fundamentally a beer company. This will allow Zambrew to focus on and continue to grow its core business, the beer business, and thus continue to dominate the beer market in Zambia resulting in healthy shareholder returns. Our comparative valuation currently values the stock at ZMW 8.88 vs. the current price of ZMW 6.84 with the stock trading at a P/BV of 3.09x vs a peer average of 13.61x. /Airtel Annual Report /Puma Annual Report 2016 /Zambrew Annual Report 2017 Page 5 of 6
7 REPORT BY: STOCKBROKERS ZAMBIA LIMITED ANALYST: Evelyne Nambeye For more information, please refer to our website INVESTMENT CAUTION Share price prices may rise and fall investors should always seek professional advice before investing in shares. CONTACT US: Telephone: / / / Fax: Stockbrokers Zambia Limited shall not be held liable for any losses resulting from this information. It is provided for information purposes only. Page 6 of 6
TREASURY BILL / GOVERNMENT BOND YIELDS
ISSN LUSAKA STOCK EXCHANGE Monthly News Flash ruary SUMMARY FOR THE MONTH SUMMARY OF TRADING STATISTICS FEBRUARY. The LASI closed at,9. points recording a.% drop from last month 's close and was down by.
More informationMONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER Governor s Presentation to the Media. 16 th November, 2016
1 MONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER 2016 Governor s Presentation to the Media 16 th November, 2016 INTRODUCTION 2 This presentation is structured as follows: 1. Decision of the Monetary
More informationBank Of Zambia Monetary Policy Statement JAN - JUN 2016
Bank Of Zambia Monetary Policy Statement JAN - JUN 2016 Bank of Zambia MISSION STATEMENT The principal purpose of the Bank of Zambia is to achieve and maintain price and financial system stability for
More informationMONETARY POLICY REPORT RESERVE BANK OF MALAWI
RESERVE BANK OF MALAWI March 2018 RESERVE BANK OF MALAWI Monetary Policy Report March 2018 The Reserve Bank of Malawi has constitutional mandate to maintain price stability in Malawi. In this regard, the
More information2017 FIRST QUARTER ECONOMIC REVIEW
2017 FIRST QUARTER ECONOMIC REVIEW MAY 2017 0 P a g e Overview The performance of the economy in the first quarter of 2017 was on a positive trajectory with annual growth projected to be about 3.9 % from
More informationQUARTERLY SURVEY OF BUSINESS OPINIONS AND EXPECTATIONS REPORT. First Quarter 2018, Vol 2.1
BANK Of ZAMBIA QUARTERLY SURVEY OF BUSINESS OPINIONS AND EXPECTATIONS REPORT First Quarter 8, Vol. Disclaimer: The opinions and expectations presented herein are of the respondents and not of the Bank
More informationMonetary Policy Statement
Monetary Policy Statement JUL - DEC 2015 Bank of Zambia MISSION STATEMENT The principal purpose of the Bank of Zambia is to achieve and maintain price and financial system stability for balanced macro-economic
More informationCaleb M Fundanga: Fourth quarter 2010 media briefing
Caleb M Fundanga: Fourth quarter 2010 media briefing Presented by Dr Caleb M Fundanga, Governor of the Bank of Zambia, Lusaka, 18 February 2011. * * * Executive summary 1. This brief examines monetary
More informationChina Economic Outlook 2013
China Economic Outlook 2 Key Developments in Brief - Mild recovery of GDP growth: +8 8.5% - Construction and consumption as main drivers - Inflationary pressure to increase: +3% - Tight labor market and
More informationGUATEMALA. 1. General trends
Economic Survey of Latin America and the Caribbean 2014 1 GUATEMALA 1. General trends GDP grew by 3.7% in 2013 in real terms, versus 3.0% in 2012, reflecting the robustness of domestic demand, mainly from
More informationZambia s Economic Outlook
Zambia s Economic Outlook F R A N C I S C H I P I M O D I R E C T O R E C O N O M I C S B A N K O F Z A M B I A Z A M B I A I N V E S T M E N T C O N F E R E N C E N O V E M B E R 4, 2 0 1 5 L O N D O
More information2018 DISSEMINATION WORKSHOP ON FOREIGN PRIVATE INVESTMENT AND INVESTOR PERCEPTIONS IN ZAMBIA SPEECH BY DR. DENNY H. KALYALYA GOVERNOR BANK OF ZAMBIA
BANK Of ZAMBIA 2018 DISSEMINATION WORKSHOP ON FOREIGN PRIVATE INVESTMENT AND INVESTOR PERCEPTIONS IN ZAMBIA SPEECH BY DR. DENNY H. KALYALYA GOVERNOR BANK OF ZAMBIA WEDNESDAY, DECEMBER 5, 2018 TAJ PAMODZI,
More informationMONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER Governor s Presentation to the Media. 22 nd November, 2017
1 MONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER 2017 Governor s Presentation to the Media 22 nd November, 2017 INTRODUCTION 2 The presentation is structured as follows: 1. Decision of the Monetary
More informationBank of Zambia MISSION STATEMENT
Bank of Zambia MISSION STATEMENT The principal purpose of the Bank of Zambia is to achieve and maintain price and financial system stability to foster sustainable economic development. This is made pursuant
More informationMONETARY POLICY COMMITTEE STATEMENT FOR FIRST QUARTER Governor s Presentation to the Media. 16 th May, 2018
1 MONETARY POLICY COMMITTEE STATEMENT FOR FIRST QUARTER 2018 Governor s Presentation to the Media 16 th May, 2018 INTRODUCTION 2 The presentation is structured as follows: 1. Decision of the Monetary Policy
More informationZAMBIA MEDIUM TERM DEBT STRATEGY ( )
ZAMBIA MEDIUM TERM DEBT STRATEGY (2017-2019) A Presentation of the 2017-2019 Medium Term Debt Strategy (MTDS) by the Ministry of Finance at the ZIPAR Debt Management Conference, Zambia s Public Debt: The
More informationThe Zambian Economy in Perspective: The Impact of the IMF Policies
The Zambian Economy in Perspective: The Impact of the IMF Policies Presentation By: Dr. Mark J. Ellyne, IMF Resident Representative at the Copperbelt University, Kitwe, October 25, 2002 Purpose of the
More informationTABLE OF CONTENTS. Monetary Policy Statement
JUL - DEC 018 Bank of Zambia MISSION STATEMENT The principal purpose of the Bank of Zambia is to achieve and maintain price and financial system stability to foster sustainable economic development. This
More informationInflation Outlook and Monetary Easing
Thomas Shik Acting Chief Economist thomasshik@hangseng.com Inflation Outlook and Monetary Easing Although annual consumer price inflation rose for a second consecutive month in July, the underlying trend
More informationMID-TERM REVIEW OF THE 2014 MONETARY POLICY STATEMENT
MID-TERM REVIEW OF THE 2014 MONETARY POLICY STATEMENT 1. INTRODUCTION 1.1 The Mid-Term Review (MTR) of the 2014 Monetary Policy Statement (MPS) examines recent price developments and reviews key financial
More informationInvestment banking department
Annual economic review, 2016 Investment banking department 1 1. Interbank market and interest rates 1.1 Liquidity conditions on the interbank market were erratic but generally tight in 2016. Excess reserves
More information4. Economic Outlook. ASSUMPTIONS AND SCENARIOS Condition of the International Economy World economic growth is predicted. to remain strong in 2007,
Monetary Policy Report - Quarter II-2007 4. Economic Outlook Overall, the accelerated pace of economic growth of 2007-2008 is predicted to carry forward, being accompanied by sustained macroeconomic stability.
More informationGlobal Economic Outlook
Global Economic Outlook Will growth continue and at what pace? International Containerboard Conference Chicago November 2018 Lasse Sinikallas Director, Macroeconomics Copyright 2018 RISI, Inc. Proprietary
More informationBANK of ZAMBIA MONETARY POLICY STATEMENT
BANK of ZAMBIA MONETARY POLICY STATEMENT JANUARY - JUNE 2013 Bank of Zambia Mission Statement The principal purpose of the Bank of Zambia is to formulate and implement monetary and supervisory policies
More informationNATIONAL BANK OF SERBIA. Speech at the presentation of the Inflation Report May Dr Jorgovanka Tabaković, Governor
NATIONAL BANK OF SERBIA Speech at the presentation of the Inflation Report May Dr Jorgovanka Tabaković, Governor Belgrade, May Ladies and gentlemen, representatives of the press, dear colleagues, Welcome
More informationBank of Ghana Monetary Policy Committee Press Release
Bank of Ghana Monetary Policy Committee Press Release November 26, 2018 Ladies and Gentlemen of the Press, welcome to this morning s press conference following the 85th regular meeting of the Monetary
More informationF O C U S. Colin Morton, manager of the Franklin UK Equity Income Fund, presents the benefits of a large-cap-focused income strategy
F O C U S Colin Morton, manager of the Franklin UK Equity Income Fund, presents the benefits of a large-cap-focused income strategy 1 Important Information For professional investor use only. Not for distribution
More informationCOSTA RICA. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 COSTA RICA 1. General trends According to new official statistics, the Costa Rican economy grew by 3.7% in real terms in 2015, up from 3% in 2014,
More informationINFORMATION FROM A MEETING OF THE MONETARY POLICY COUNCIL, held on March 2003
Warsaw, 26 March 2003 INFORMATION FROM A MEETING OF THE MONETARY POLICY COUNCIL, held on 25-26 March 2003 On 25-26 March 2003 the meeting of the Monetary Policy Council took place. The MPC read materials
More informationUNIBANK EQUITY FLASHNOTE UPDATE, (UNIB), Q Strong H1 FY18; Positive Outlook in Retail Market
ANK EQUITY FLASHNOTE UPDATE, (), Q2 2018 Strong H1 FY18; Positive Outlook in Retail Market Unibank reported strong 1H 2018 results: Earnings increased more than 3x Y-o-Y. The Bank improved its market share
More informationMONETARY AND FINANCIAL TRENDS IN THE FIRST THREE QUARTERS OF 2014
MONETARY AND FINANCIAL TRENDS IN THE FIRST THREE QUARTERS OF 2014 December 2014 1 In an international economic environment marked by weak global recovery and persistent significant risks (geopolitical
More informationTRENDS IN LENDING Third Quarter Report 2018
УНУТРАШЊА УПОТРЕБА TRENDS IN LENDING Third Quarter Report 218 Belgrade, December 218 УНУТРАШЊА УПОТРЕБА Introductory note Trends in Lending is an in-depth analysis of the latest trends in lending, which
More informationR E S U LT S 1 ST Q U A R T E R M A Y
BRD - GROUP R E S U LT S 1 ST Q U A R T E R 2 0 1 8 M A Y 2 0 1 8 DISCLAIMER The consolidated and separate financial position and income statement for the period ended March 31, 2018 were examined by the
More informationGrowth and Inflation Prospects and Monetary Policy
Growth and Inflation Prospects and Monetary Policy 1. Growth and Inflation Prospects and Monetary Policy The Thai economy expanded by slightly less than the previous projection due to weaker-than-anticipated
More informationViet Nam GDP growth by sector Crude oil output Million metric tons 20
Viet Nam This economy is weathering the global economic crisis relatively well due largely to swift and strong policy responses. The GDP growth forecast for 29 is revised up from that made in March and
More informationMonthly Economic Review
Monthly Economic Review FEBRUARY 2018 Based on January 2018 data releases Bedfordshire Chamber of Commerce Headlines UK GDP growth picked up in Q4, driven by stronger output from the services sector The
More informationASEAN Insights: Regional trends
ASEAN Insights: Regional trends March 2018 1. Global trends BUSINESS AND CONSUMER CONFIDENCE ROBUST; US FED HIKES RATES; EQUITY MARKETS FALL The global economic environment remained positive this month.
More informationMinutes of the Monetary Policy Committee meeting November 2010
The Monetary Policy Committee of the Central Bank of Iceland Minutes of the Monetary Policy Committee meeting November 2010 Published: 17 November 2010 The Act on the Central Bank of Iceland stipulates
More informationMacroeconomic and financial market developments. March 2014
Macroeconomic and financial market developments March 2014 Background material to the abridged minutes of the Monetary Council meeting 25 March 2014 Article 3 (1) of the MNB Act (Act CXXXIX of 2013 on
More informationGlobal Economic Outlook
Global Economic Outlook Will the growth continue and at what pace? Latin American Conference São Paulo August 2018 Lasse Sinikallas Director, Macroeconomics Copyright 2018 RISI, Inc. Proprietary Information
More informationZAMBIA ECONOMIC BRIEF
ZAMBIA ECONOMIC BRIEF HOW ZAMBIA CAN BORROW WITHOUT SORROW Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized DECEMBER 2017 ISSUE 10 10
More informationARGENTINA. 1. General trends
1 ARGENTINA 1. General trends After slowing rapidly in 2009, the Argentine economy resumed robust growth in 2010, with a rate well above the regional average at 9.2%. On the back of this the unemployment
More informationGlobal Economic Outlook
Global Economic Outlook Will growth continue and at what pace? North American Conference San Francisco October 2018 Lasse Sinikallas Director, Macroeconomics Copyright 2018 RISI, Inc. Proprietary Information
More informationAudited 2015 Full Year Result Presentation. Phillips Oduoza, Group Managing Director/CEO
Audited 2015 Full Year Result Presentation Phillips Oduoza, Group Managing Director/CEO Good day everyone and thanks for joining this call. The year 2015 was characterised by macroeconomic uncertainties,
More informationUK-Zambia Trade & Investment Forum
UK-Zambia Trade & Investment Forum Economic Outlook Jason Kazilimani, Jr 4 Nov 2015 Table of Contents About your Presenter 2 A Local Perspective on Zambia 3 The 2015 Economic Downturn 4 The Range of Opportunities
More informationFinancial Sector Reform and Economic Growth in Zambia- An Overview
Financial Sector Reform and Economic Growth in Zambia- An Overview KAUSHAL KISHOR PATEL M.Phil. Scholar, Department of African studies, Faculty of Social Sciences, University of Delhi Delhi (India) Abstract:
More informationMARKET UPDATE ON THE INTERNAL RESTRUCTURING AND REPOSITIONING STRATEGY AND FURTHER CAUTIONARY ANNOUNCEMENT
ZCCM INVESTMENTS HOLDINGS PLC [Incorporated in the Republic of Zambia] Company registration number: 771 Share Code: ZCCM-IH ISIN: ZM0000000037 [ ZCCM-IH or the Company ] MARKET UPDATE ON THE INTERNAL RESTRUCTURING
More informationIntegrated Paper on. Recent Economic Developments. in SADC
Integrated Paper on Recent Economic Developments in DC October 2005 Banco de Moçambique General Index Page I. Introduction... 3 II. Performance of the World and African Economy in 2004... 4 III. Performance
More informationAngola - Economic Report
Angola - Economic Report Index I. Assumptions on National Policy and External Environment... 2 II. Recent Trends... 3 A. Real Sector Developments... 3 B. Monetary and Financial sector developments... 5
More informationBusiness Expectations Survey September 2017 Summary Review
Business Expectations Survey September 2017 Summary Review 1. Introduction The BES summarises views of the business community regarding their perceptions about the current and future state of the economy.
More informationThe Eleventh Monetary Policy Statement. Issued under the Central Bank of Kenya A ct, Cap 491
C E N T R A L B A N K O F K E N Y A The Eleventh Monetary Policy Statement Issued under the Central Bank of Kenya A ct, Cap 491 December 2002 CONTENTS Objectives of the Central Bank of Kenya... ii Legal
More informationNational budget brief Review of 2016 social sector budget allocations
ZAMBIA National budget brief Review of 2016 social sector budget allocations UNICEF Zambia The aim of this budget brief is to improve awareness and understanding of allocations to social sectors health,
More informationSaudi Arabian economy Moderation in 2013 and rebound in 2014
Research Department Md. Rahmatullah Khan, Economic analyst Tel: +966 1 211 9319, khanmr@alrajhi-capital.com Saudi Arabian economy Saudi Arabian economy Moderation in 2013 and rebound in 2014 Saudi Arabian
More informationEconomic review, first quarter to February 2018
Economic review, first quarter to February 2018 Investment banking 12 th March 2018 Amount (K'b) Rate (%) 1. Interbank market and interest rates 1.1 Liquidity condition were tighter in the first two months
More informationBRD - GROUP R E S U LT S 3 R D Q U AR T E R AN D F I R S T 9 M O N T H S N O V E M B E R
BRD - GROUP R E S U LT S 3 R D Q U AR T E R AN D F I R S T 9 M O N T H S 2 0 1 7 0 6 N O V E M B E R 2 0 1 7 DISCLAIMER The consolidated and separate financial position and income statement for the period
More informationMarket Update. 14 May 2015 BANK MUSCAT ASSET MANAGEMENT
Market Update 14 May 2015 BANK MUSCAT ASSET MANAGEMENT GCC Equity Markets Most of the regional markets have witnessed negative performance so far this month, except Qatar, Oman, and Bahrain up 2.9%, 0.6%,
More informationGUATEMALA. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 GUATEMALA 1. General trends In 2015, Guatemala s GDP grew by 4.1% in real terms (a figure similar to the 4.2% recorded the previous year), driven
More informationMADISON UNIT TRUST-INTERIM REPORT FOR THE PERIOD ENDED 30 JUNE 2017
MADISON UNIT TRUST-INTERIM REPORT FOR THE PERIOD ENDED 30 JUNE 2017 Madison Asset Management Company Limited Tel 260 211 255121/ 258309 Fax 260 211 253417 Dar-es- Salaam Place, south of main Post Office,
More informationMID-TERM REVIEW OF THE 2016 MONETARY POLICY STATEMENT
MID-TERM REVIEW OF THE 1 MONETARY POLICY STATEMENT 1. INTRODUCTION 1.1 The Mid-Term Review (MTR) of the 1 Monetary Policy Statement (MPS) examines price developments and the underlying causal factors in
More informationASEAN Insights: Regional trends
ASEAN Insights: Regional trends January 2017 1. Global trends GLOBAL ECONOMY AND EQUITY MARKETS ENTER 2017 ON A STRONG NOTE DESPITE GEOPOLITICAL UNCERTAINTIES The global economy entered 2017 on a strong
More informationOutlook for the Japanese Economy in 2007
VOL2.NO.2 January 2007 Outlook for the Japanese Economy in 2007 Economic recovery surpasses Izanagi in length The economy is continuing its longest post-war economic recovery. Nearly five years have passed
More informationMeeting with Analysts
CNB s New Forecast (Inflation Report III/2018) Meeting with Analysts Karel Musil Prague, 3 August 2018 Outline 1. Assumptions of the forecast 2. The new macroeconomic forecast 3. Comparison with the previous
More informationExemplar for Internal Assessment Resource Economics Level 2. Resource title: Where are we headed on the business cycle?
Exemplar for internal assessment resource Economics 2.5B for Achievement Standard 91226 Exemplar for Internal Assessment Resource Economics Level 2 Resource title: Where are we headed on the business cycle?
More informationMonthly policy monetary report October monetary policy monthly report
Monthly policy monetary report October 2006 monetary policy monthly report OCTOBER 2006 October 2006 Monthly policy monetary report Main highlights Inflation developments Annual inflation in October experienced
More informationMonetary Policy Report
CENTRAL BANK OF THE GAMBIA Monetary Policy Report November 20 The Central Bank of The Gambia Monetary Policy Report provides summary of reports presented at the Monetary Policy Committee Meeting. It entails
More informationYukitoshi Funo: Economic activity and prices in Japan, and monetary policy
Yukitoshi Funo: Economic activity and prices in Japan, and monetary policy Speech by Mr Yukitoshi Funo, Member of the Policy Board of the Bank of Japan, at a meeting with business leaders, Hyogo, 23 March
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Econ 330 Spring 2017: FINAL EXAM Name ID Section Number MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Tobin's q theory suggests that monetary
More informationMONETARY AND FINANCIAL TRENDS IN THE FIRST NINE MONTHS OF 2013
MONETARY AND FINANCIAL TRENDS IN THE FIRST NINE MONTHS OF 2013 Introduction This note is to analyze the main financial and monetary trends in the first nine months of this year, with a particular focus
More informationNATIONAL BANK OF SERBIA. Speech at the presentation of the Inflation Report November 2017
NATIONAL BANK OF SERBIA Speech at the presentation of the Inflation Report November Dr Ana Ivković, General Manager Directorate for Economic Research and Statistics Belgrade, November Ladies and gentlemen,
More informationRisks for Developing Countries: Repositioning Public Debt Management in Zambia
Risks for Developing Countries: Repositioning Public Debt Management in Zambia 2018 Outline Macroeconomic development in Zambia Status and Evolution of Debt The main Risks Repositioning the Debt Management
More informationMinutes of the Monetary Policy Committee meeting September 2010
The Monetary Policy Committee of the Central Bank of Iceland Minutes of the Monetary Policy Committee meeting September 2010 Published: 6 October 2010 The Act on the Central Bank of Iceland stipulates
More informationMacroeconomic and financial market developments. February 2014
Macroeconomic and financial market developments February 2014 Background material to the abridged minutes of the Monetary Council meeting 18 February 2014 Article 3 (1) of the MNB Act (Act CXXXIX of 2013
More informationDevelopment Bank of Zambia ZMK 150 Billion Medium Term Note ( MTN ) Programme Brings Multiple Firsts to the Market
For immediate release Development Bank of Zambia ZMK 150 Billion Medium Term Note ( MTN ) Programme Brings Multiple Firsts to the Market Issue and listing of ZMK 68.620 Billion Senior Unsecured Notes under
More informationOutlook for Economic Activity and Prices (January 2018)
Outlook for Economic Activity and Prices (January 2018) January 23, 2018 Bank of Japan The Bank's View 1 Summary Japan's economy is likely to continue expanding on the back of highly accommodative financial
More informationSummary of Opinions at the Monetary Policy Meeting 1,2 on March 14 and 15, 2019
Not to be released until 8:50 a.m. Japan Standard Time on Tuesday, March 26, 2019. March 26, 2019 Bank of Japan Summary of Opinions at the Monetary Policy Meeting 1,2 on March 14 and 15, 2019 I. Opinions
More informationOutlook for Economic Activity and Prices (July 2018)
Outlook for Economic Activity and Prices (July 2018) July 31, 2018 Bank of Japan The Bank's View 1 Summary Japan's economy is likely to continue growing at a pace above its potential in fiscal 2018, mainly
More informationCENTRAL BANK OF EGYPT
CENTRAL BANK OF EGYPT ECONOMIC REVIEW Vol. 46 No. 1 2005/2006 Research, Development and Publishing Sector This Review, issued in Arabic and English by the Research, Development and Publishing Sector, focuses
More informationThe All-In-1 Investment Bond and Guaranteed Capital Bond
The All-In-1 Investment Bond and Guaranteed Capital Bond Investment Report 2014 The All-In-1 Investment Bond and Guaranteed Capital Bond Investment Report 2014 This information does not constitute investment
More informationTURKEY S DISINFLATION EXPERIENCE: THE ROAD TO PRICE STABILITY Erdem Başçi*
TURKEY S DISINFLATION EXPERIENCE: THE ROAD TO PRICE STABILITY Erdem Başçi* ABSTRACT This paper aims to analyze the disinflation experience of the Turkish economy after adopting the floating exchange rate
More informationDiffusion indices of forecast risks in Summary of Economic Projections From September 2016 FOMC to June 2018 FOMC. Mar '17 FOMC
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer
More informationEconomic review for 2018 and outlook for Investment Banking
Economic review for 2018 and outlook for 2019 Investment Banking 22 nd February 2019 Important disclaimer: The views expressed in this report are those of the authors and are based on information believed
More informationNATIONAL BANK OF SERBIA. Speech at the presentation of the Inflation Report November 2018
NATIONAL BANK OF SERBIA Speech at the presentation of the Inflation Report November 8 Savo Jakovljević, Acting General Manager of the Economic Research and Statistics Department Belgrade, November 8 Ladies
More informationBANK of ZAMBIA MONETARY POLICY STATEMENT
BANK of ZAMBIA MONETARY POLICY STATEMENT JULY DECEMBER 2012 Bank of Zambia Mission Statement The principal purpose of the Bank of Zambia is to formulate and implement monetary and supervisory policies
More informationMinutes of the Monetary Policy Committee meeting, August 2016
The Monetary Policy Committee of the Central Bank of Iceland Minutes of the Monetary Policy Committee meeting, August 2016 Published 7 September 2016 The Act on the Central Bank of Iceland stipulates that
More informationEconomic Activity, Prices, and Monetary Policy in Japan
November 8, 2017 Bank of Japan Economic Activity, Prices, and Monetary Policy in Japan Speech at a Meeting with Business Leaders in Miyazaki Yukitoshi Funo Member of the Policy Board (English translation
More informationASEAN Insights: Regional trends
ASEAN Insights: Regional trends December 2017 1. Global trends CONSUMER AND BUSINESS CONFIDENCE ROBUST; UNEMPLOYMENT RATE FALLS WHILE INFLATION EDGES UP The global economic environment continued on its
More informationMINISTRY OF FINANCE AND ECONOMIC AFFAIRS DEBT SUSTAINABILITY ANALYSIS Directorate of Debt Management and Economic Cooperation
MINISTRY OF FINANCE AND ECONOMIC AFFAIRS A S D DEBT SUSTAINABILITY ANALYSIS 2015 Directorate of Debt Management and Economic Cooperation Table of Contents LIST OF TABLES... 2 LIST OF FIGURES... 2 LIST
More informationOutlook for Economic Activity and Prices (October 2017)
Outlook for Economic Activity and Prices (October 2017) October 31, 2017 Bank of Japan The Bank's View 1 Summary Japan's economy is likely to continue expanding on the back of highly accommodative financial
More informationVietnam SBV maintains pro-growth bias
l Global Research l Economic Alert 01:45 GMT 15 May 2013 Vietnam SBV maintains pro-growth bias SBV cuts policy rates by 100bps, lowering the refinancing rate to 7% We expect one more 50bps cut in Q3 if
More informationEconomic activity gathers pace
Produced by the Economic Research Unit October 2014 A quarterly analysis of trends in the Irish economy Economic activity gathers pace Positive data flow Recovery broadening out GDP growth revised up to
More informationMID-TERM REVIEW OF THE 2013 MONETARY POLICY STATEMENT
MID-TERM REVIEW OF THE MONETARY POLICY STATEMENT. INTRODUCTION. The Mid-Term Review (MTR) of the Monetary Policy Statement (MPS) evaluates progress in achieving the percent medium-term inflation objective.
More informationTotal
The following report provides in-depth analysis into the successes and challenges of the Northcoast Tactical Growth managed ETF strategy throughout 2017, important research into the mechanics of the strategy,
More informationBANKERS ASSOCIATION OF ZAMBIA PRESENTATION. ZIPAR Debt Management Conference 26 th October, 2017 Taj Pamodzi Hotel
BANKERS ASSOCIATION OF ZAMBIA PRESENTATION ZIPAR Debt Management Conference 26 th October, 2017 Taj Pamodzi Hotel INTEREST RATE BACKGROUND 1964 TO 2012 1964 1973 Inherited Financial System consisting of
More informationOutlook for Economic Activity and Prices (April 2018)
Outlook for Economic Activity and Prices (April 2018) The Bank's View 1 Summary April 27, 2018 Bank of Japan Japan's economy is likely to continue growing at a pace above its potential in fiscal 2018,
More informationSummary of Operating Results for the Bank and its Subsidiaries Quarter and Year Ended December 31, 2018
1 Summary of Operating Results for the Bank and its Subsidiaries Quarter and Year Ended 31, Thailand s economic growth in is expected to be 4.1 percent, up from 3.9 percent in. While exports weakened in
More informationReserve Bank of Malawi MONETARY POLICY STATEMENT # 6
Reserve Bank of Malawi MONETARY POLICY STATEMENT # 6 FEBRUARY 2018 APM LRR MPC OMO PR/MPR The Bank Definition and Acronyms Automatic Pricing Mechanism Liquidity Reserve Requirement Monetary Policy Committee
More informationMinutes of the Monetary Policy Council decision-making meeting held on 6 July 2016
Minutes of the Monetary Policy Council decision-making meeting held on 6 July 2016 At the meeting, members of the Monetary Policy Council discussed monetary policy against the background of macroeconomic
More informationMarket Summaries. People s Republic of China. Yield Movements
People s Republic of China 89 Market Summaries People s Republic of China Yield Movements Between 31 August and 15 October, the People s Republic of China s (PRC) yield curve shifted slightly downward
More informationMonetary Policy Statement: March 2010
Central Bank of the Solomon Islands Monetary Policy Statement: March 2010 Central Bank of the Solomon Islands PO Box 634, Honiara, Solomon Islands Tel: (677) 21791 Fax: (677) 23513 www.cbsi.com.sb 1.Money
More information3Q18 GDP Growth to Ease to 4.2% amid Moderating Agricultural and Industrial Output
ECONOMIC REPORT National Account Preview 13 November 2018 GDP Growth to Ease to 4.2% amid Moderating Agricultural and Industrial Output Moderating business confidences. Looking at leading indicators, Malaysia
More information