19 June 2018 ( Lagos ):
NTB’s & Money Market
Opening market liquidity on Thursday was an estimated N 14bn (positive). Interbank rates eased to close within a range of 3% to 9% due to a N 224bn inflow from an OMO maturity. On the NTB secondary market, yields narrowed at the middle of the curve.
FGN Bonds & Eurobonds
The FGN bond market was quiet and yields were generally flat. At the Eurobond market, yields contracted for all sovereigns under the analyst’s coverage.
The CBN’s daily fx intervention was again US$0.5m, at N305.35. Turnover at the NAFEX increased from US$126m on Wednesday to US$168m. Indicative rates ranged from N340 to N362. President Trump on Friday announced a 25% tariff effective 06 July on Chinese imports worth about US$50bn, and China pledged retaliatory action. In addition, dovish signals emerged from the ECB meeting on Thursday but the EUR appreciated. The bloc’s stimulus programme will be halved to EUR15bn ($17bn) per month in Q4 2018 before being discontinued. It also disclosed that the policy rates are to be maintained through summer 2019 pending any unforeseen events.
Source: Gregory Kronsten and Chinwe Egwim from FBNQuest Capital Limited
Reporting for EasyKobo on Tuesday, 19 June 2018 in Lagos, Nigeria
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