12 July 2018 ( Lagos )
NTB’s and Money Market
Opening market liquidity on Wednesday was N228bn (positive). Interbank rates closed within a range of 10% to 14%. On the NTB secondary market, yields picked up across traded maturities.
FGN Bonds and Euro Bonds
The FGN bond market was fairly active as there was an uptick in yields. As for the Eurobond market, yields dipped for most securities.
The CBN’s daily fx intervention was again US$0.5m, at N305.25. Turnover at the NAFEX increased from US$139m on Tuesday to US$169m. Indicative rates ranged from N350 to N364. Yields on USTs eased on Wednesday as investors sought safe havens on the back of indications of escalating US-China trade tensions. President Trump threatened to impose 10% tariffs on an additional US$200bn of Chinese goods.
Source : Gregory Kronsten, Olubunmi Asaolu, Chinwe Egwim from FBNQuest Capital Limited.
Reporting for EasyKobo on Thursday, 12 July 2018 in Lagos, Nigeria
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