EM CEEMEA CREDIT: ZEWNITHBA: 1Q25 results, supportive read
Zenith Bank (ZENITHBA; Caa1pos/B-/-)
1Q25 results, supportive read
- Supportive read for credit. At group level, Nigeria’s lender Zenith reported 1Q25 PBT almost +10% at NGN 351bn. Net proft +21%.
- Strong growth in NII +64% YoY at NGN591bn on a mix of lending activity (+53% YoY) and financial portfolio contribution from Tsy bills (+205% YoY), flat contribution from F&C (marginal vs overall).
- Strong growth in total assets at NGN6.4tn vs NGN4.2tn 1Q24. Lower impairments YoY at NGN49bn.
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USDCAD TECHS: Bullish Outlook
- RES 4: 1.4700 Round number resistance
- RES 3: 1.4641 76.4% retracement of the Feb 3 - 14 bear leg
- RES 2: 1.4452/4543 High Mar 13 / 4 and a bull trigger
- RES 1: 1.4402 High Mar 20
- PRICE: 1.4394 @ 08:04 BST Apr 1
- SUP 1: 1.4235 Low Mar 26 and a key near-term support
- SUP 2: 1.4151/4107 Low Feb 14 / 50.0% of Sep 25 - Feb 3 bull run
- SUP 3: 1.4011 Low Dec 5 ‘24
- SUP 4: 1.3944 61.8% retracement of the Sep 25 ‘24 - Feb 3 bull cycle
USDCAD traded higher Monday and is holding on to its latest gains. Moving average studies continue to highlight a dominant uptrend. A stronger rally would refocus attention on the bull trigger at 1.4543, the Mar 4 high. First resistance to watch is 1.4402, the Mar 20 high. A return lower and clearance of 1.4235, the Mar 26 low, would undermine the bull theme and instead highlight potential for a test of 1.4151, the Feb 14 low and a bear trigger.
AUDUSD TECHS: Pullback Still Appears Corrective
- RES 4: 0.6429 High Dec 12 ‘24
- RES 3: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg
- RES 2: 0.6409 High Feb 21 and a bull trigger
- RES 1: 0.6331/91 High Mar 26 / High Mar 17 and 18
- PRICE: 0.6256 @ 07:59 BST Apr 1
- SUP 1: 0.6219 Low Mar 31
- SUP 2: 0.6187 Low Feb 4
- SUP 3: 0.6171/6088 Low Feb 4 / 3 and a key support
- SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
AUDUSD traded sharply lower Monday, defying the short-term bull theme. However, for now intraday weakness is deemed corrective, with prices still clear of Feb 4 support at 0.6187. A clear break of this level is required to reinstate a bear threat. On the upside, a stronger recovery would refocus attention on 0.6409, the Feb 21 high. Clearance of this hurdle would strengthen the bull cycle and resume the uptrend that started Feb 3.
GILTS: Opening calls
Gilt calls, 91.87/91.98.
