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What To Expect From The Markets This Week - 290719

Market Updates	5501 VIEWS
Market Updates
5501 VIEWS

Saturday, July 27, 2019 08:00 AM / Proshare Content

Nigeria: Economic Dashboard @260719

Editor’s Pick

Source: Vetiva Fixed Income Report– July 26, 2019

Market Commentary

This week, the DMO held its monthly bond auction, offering ₦145 billion, but only selling ₦87 billion across the 5-year, 10-year and 30-year maturities at stop rates of 13.35%, 13.64% and 14.12% respectively, 79bps lower on average than the previous auction rates. Meanwhile, system liquidity moderated to ?170 billion, leading the Interbank call rate to advance 757bps to settle at 21.86%.

In the secondary market, trading was mixed across both spaces, with average T-bills yields advancing 10bps d/d. Interestingly, yield on the mid-to-long end of the space saw the biggest advances, with notable advances on the 251DTM (+84bps d/d: 12.22%) and 272DTM (+65bps d/d: 11.86%) bills. Meanwhile, trading remained positive in the bond space, with benchmark yields declining 4bps d/d. Most notably, yield on the 14.20% FGN MAR 2024 bond declined 37bps d/d to settle at 12.69%. For the week, investors seemed to favour the bond space, as average yields in the T-bills space advanced 53bps w/w, whilst average benchmark yields declined 10bps w/w.

Market Outlook

With the expected FAAC disbursement and ₦321 billion in maturities hitting the system this week, we expect slight buy-side activity to persist in the Fixed Income market at the start of the week, with investors favouring the bond space over T-bills (Amid more attractive rates on money market instruments).

Monday, July 29, 2019

The Prestige Assurance Plc will on this day hold its Annual General Meeting at Agip Recital Hall Muson Centre, Onikan, Lagos, while the Development Bank of Nigeria will on the same day hold the Surviving to Thriving: MSMEs As the key to Unlocking Inclusive Growth in Africa at Congress Hall, Transcorp Hilton Hotel, Abuja.

The Financial Derivative Company (FDC) will on this day hold the “Policy Change- The Enabler of Sustainable Growth” at The George Hotel, Ikoyi, Lagos.

Tuesday, July 30, 2019

C & I Leasing Plc will on this day hold its Annual General Meeting at the Incubator, 7/8, Chief Yesuf Abiodun Way, City of David Road, Oniru, Victoria Island, Lagos, while Chams Plc will on the same day hold its Annual General Meeting at Ace-Olivia Hall, 2nd Floor, City Mall, Onikan, Lagos.

The National Bureau of Statistics will on this day release the National Agricultural Survey 2018/19

Wednesday, July 31, 2019

Meet the Farmers Conference 2019 Lagos Nigeria will hold on this day with the theme: Official Launching/Media Briefing at Radission Blu, Victoria Island, Lagos while, AviMar2019 Summit (Powered By APFFLON) will hold on the same day with the theme: The Relevance of Government Agencies in the

Aviation/Maritime Industry in Terms of the Policy of “Ease of Doing Business in Nigeria” at Multipurpose Hall LTV8 Alausa, Agidingbi, Ikeja, Lagos

Thursday, August 01, 2019

The Association of Issuing Houses of Nigeria will on this day hold its Annual Dinner and Awards Night at the Civic Centre, Ozumba Mbadiwe Road.

Saturday, August 03, 2019

The BTDT Hub will on this day hold the Career and Success Stories 2.0 at Oriental Hotel, Lagos.

Check out our Events Calendar for event details and follow us on Web, TV, APP and Social Media for updates as the week unfolds. Yours to Serve!

Contact for Details:

For further information, enquiry or submission of information, kindly email market@proshareng.com and research@proshareng.com Tel: 0700PROSHARE (070077674273). Call us NOW!

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