27 June 2018 ( Lagos )
NTB’s and Money Market
Opening market liquidity on Tuesday was N222bn (positive). Interbank rates surged to close within a range of 14% to 38% on expectation of the debit for the previous day’s fx SMIS. On the NTB secondary market, yields picked up for selected maturities.
FGN Bonds and Euro Bonds
The FGN bond market was fairly active and yields generally trended northwards. At the Eurobond market, yields rose for instruments.
The CBN’s daily fx intervention was again US$0.5m, at N305.30. Turnover at the NAFEX increased from US$162m on Monday to US$253m. Indicative rates ranged from N350 to N363.
Oil prices rose on Tuesday, driven by output concerns in oil producers including Canada and Libya. Production problems at Canada’s largest oil sands facility could cost the country as much as a tenth of its output, and cut supply to the Cushing delivery hub for the US crude futures contract. Canada is the fourth largest oil producer globally. In Libya, the takeover of five major oil ports by Benghazi authorities is fuelling supply uncertainty.
Source : Gregory Kronsten, Olubunmi Asaolu, Chinwe Egwim from FBNQuest Capital Limited.
Reporting for EasyKobo on Wednesday, 27 June 2018 in Lagos, Nigeria
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