26 July 2018( Lagos )
NTB’s and Money Market
Opening market liquidity on Wednesday was N232bn (positive). Interbank rates closed within a range of 7% to 12%. On the NTB secondary market, yields picked up at the longer end.
FGN Bonds and EuroBonds
The FGN bond market was fairly active. There was an uptick in yields for selected maturities. The results of the DMO’s auction yesterday of bonds are not yet available. As for the Eurobond market, yields narrowed for all issues.
The CBN’s daily fx intervention was again US$0.5m, at N305.40. Turnover at the NAFEX declined from US$275m on Tuesday to US$106m. Indicative rates ranged from N359 to N363.
Oil prices firmed on Wednesday following the release of official data on US crude inventories. A report from the Energy Information Administration indicated a drawdown of 6.1 million barrels in stockpiles last week, against expectations of a decrease of 2.3 million barrels. The steep drop put US crude stocks at their lowest level since February 2015.
Source : Gregory Kronsten, Olubunmi Asaolu, Chinwe Egwim from FBNQuest Capital Limited.
Reporting for EasyKobo on Thursday, 26 July 2018 in Lagos, Nigeria
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