The FGN bond market closed the month on a negative note as average yield edged up 12bps MoM to 13.10%. Similarly, the Nigerian Treasury Bills Market closed the month bearish, as average yield surged 78bps MoM to close at 7.12%. Overall, the secondary Fixed Income (FI) market closed the month on a negative note as average FI yield went up by 45bps MoM to settle at 10.11%. This is amid moderate system liquidity in July. The advancement in average yield was supported by the hawkish tone of the CBN during its July Monetary Policy Committee (MPC) meeting, as it raised its Monetary Policy Rate (MPR) further by 25bps while also tightening the asymmetric corridor for the first time since September 2020.
ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape.
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