10 July 2018 ( Lagos )
NTB’s and Money Market
Opening market liquidity on Monday was an estimated N79bn (positive). Interbank rates closed within a higher range of 15% to 24% due to a wholesale Fx SMIS. On the NTB secondary market, there was an uptick in yields, particularly at the longer end.
FGN Bonds and Euro Bonds
The FGN bond market was fairly active, yields generally narrowed across the curve. As for the Eurobond market, there was a dip in yields for all securities under coverage.
The CBN’s daily fx intervention was again US$0.5m, at N305.25. Additionally, there was a wholesale fx SMIS. Turnover at the NAFEX declined from US$179m on Friday to US$106m. Indicative rates ranged from N348 to N364.
Oil prices rose on Monday, driven by impending sanctions against Iran and falling Libyan production. The United States has said it aims to reduce oil exports from Iran, the world’s fifth-biggest producer, to zero by November. A statement released yesterday by the head of Libya’s state oil company noted that national oil output has halved since February to 527,000 barrels/day.
Source : Gregory Kronsten, Olubunmi Asaolu, Chinwe Egwim from FBNQuest Capital Limited.
Reporting for EasyKobo on Tuesday, 10 July 2018 in Lagos, Nigeria
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