Thursday, August 17, 2017 7:06:28 AM- Nigerian Stock Exchange.



  Bearish momentum continues at week open

      

Aug 15 (Lagos) - Amidst recent CBN mop up, Inter-bank Call rate continued its ascent, up 184bps to 26.67%. At the FX inter-bank market, the Naira rebounded from a record close of N332.07, appreciating N14.73 to close at N317.34.


 
Fixed income markets began the week on a bearish note with yields up in both bills and bond spaces. In the T-bills market, yields climbed 60bps on average. Sentiment was especially weak towards the long dated bills with yields on the 339DTM (+112bps), 346DTM (+110bps), and 353DTM (+121bps) bills rising to 20.15%, 20.02%, and 22.49% respectively. 



Similarly, the bond market traded bearish with yields rising 31 bps amidst notable sell pressure on short to mid-dated maturities. Particularly, yields on the 16.00% FGN JUN 2019 and 14.20% FGN MAR 2024 bonds rose 27 bps and 22 bps to close at 15.20% and 15.15% respectively.  


 
Despite persistent bearish sentiment, analysts at Vetiva Capital Management Ltd in Victoria Island expect the market to trade upbeat in the coming sessions supported by the long anticipated liquidity inflow (N581 billion) from tomorrow’s bond maturities.



The stock market closed on a positive note rising by 0.26% in an otherwise bearish environment.






reporting for easykobo.com on Monday, August 15 2016 from Lagos, Nigeria



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