Monday, December 18, 2017 12:17:04 AM- Nigerian Stock Exchange.

  T-bill yields moderate despite tightliquidity


Sep 29 (Lagos) - Amidst relatively unchanged liquidity, Inter-bank Call rate moderated slightly to 14.33% (-34bps). In the FX Inter-bank market, the Naira appreciated N 7.68 to close at N 305.31 but the one year forward rate rose N 36.60 to N 388.20.

The T-bills market traded relatively bullish as yields moderated 11bps on average. The declines were particularly stark on the long-dated bills as yields on the 322DTM (-36bps) and 357DTM (-35bps) bills declined to 21.40% and 22.16% respectively. Meanwhile, the bond market continued its bearish streak with yields on most benchmark bonds inching higher. 

Notably, yield on the 12.50% FGN MAR 2036 bond moderated 10bps to 15.03% but this was outweighed by advances in the yields of the 14.20% FGN MAR 2024 (-12bps) and 12.1493% FGN JUL 2034 (-4bps) bonds as they closed at 15.02% and 14.94% respectively.

Despite improved buying momentum in the bills space, persistently tight liquidity dampens optimism of analysts at Vetiva Capital Management Ltd in Victoria Island about market sentiment at week close.

reporting for on Thursday, Sep 29 2016 from Lagos, Nigeria

Source - analysts at Vetiva Capital Management Ltd in Victoria Island

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