17 July 2018 ( Lagos )
NTB’s and Money Market
Opening market liquidity on Monday was N266bn (positive). Interbank rates closed within a range of 9% to 15%. On the NTB secondary market, yields dipped across traded maturities.
FGN Bonds and Eurobonds
The FGN bond market was fairly active, yields generally contracted. As for the Eurobond market, the spikes and significant dips continued for securities under our coverage, no clear trend was established.
The CBN’s daily fx intervention was again US$0.5m, at N305.30. Turnover at the NAFEX increased from US$77m on Friday to US$124m. Indicative rates ranged from N360 to N363.
Oil prices fell on Monday as concerns around limited supply eased. Key Libyan ports used for oil shipments are being reopened and oil production is set to resume. Markets are also expecting a boost in supply from the Organization of the Petroleum Exporting Countries (OPEC) as well as from Russia.
Source : Gregory Kronsten, Olubunmi Asaolu, Chinwe Egwim from FBNQuest Capital Limited.
Reporting for EasyKobo on Tuesday, 17 July 2018 in Lagos, Nigeria
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