07 June 2018 ( Lagos)
NTBs and Money Market
Opening market liquidity on Wednesday was N461 bn ( positive). Interbank rates close within 2% to 9% levels. On the NTB secondary market, there was an uptick in yields for all maturities under our coverage.
FGN bonds & Eurobonds
The FGN bond market was fairly active and yields picked up across several traded maturities. As for the Eurobond market, yields continued to trend northwards for the sovereigns.
The CBN’s daily fx intervention was again US$0.5m, at N305.45. Turnover at the NAFEX declined from US$195m on Tuesday to US$139m. Indicative rates ranged from N355 to N362. The US Commerce Department released its latest trade statistics data on Wednesday which showed the trade deficit narrowed by 2.1% to a seven-month low of US$46.2bn in April. Exports of goods and services expanded by 0.3% to US$211.2bn, while imports decreased by 0.2% to US$257.4bn.
Higher crude oil production in the US resulted in shipments worth US$19.9bn for the month.
Source : Gregory Kronsten and Chinwe Egwim at FBNQuest Capital Limited.
Reporting for EasyKobo on Wednesday, 07 June 2018 from Lagos, Nigeria
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