Weekly Wrap-up | FGN debt trading mixed, Naira struggles to make further gains at parallel market while equities end the week higher
​Fixed Income | FGN debt market trading mixed
DMO to sell first FGN savings bond next MondayÂ
The banking system opened the week with a balance of ₦282 billion, from ₦249 billion last Monday. Friday’s opening balance stood at ₦212.40 billion as the CBN stepped up OMO issuances. The average T-Bill yield was down 57bps week-on-week to 18.34%. For the week the average bond yield rose 15bps to 16.46%. The sell-off in crude oil off the back of a record build-up in US crude inventories may have weighed on the FGN Eurobond market where the average yield jumped 29bps for the week to 5.28%.
Currency | CBN maintains USD forwards sales
...Naira struggles to make further parallel market gains
Naira appreciated by 0.22% against the US Dollar for the week at the inter-bank market to ₦314.81/$ and added 0.43% against the US Dollar at the parallel market to ₦463/$ but has struggled to make further gains despite the barrage of CBN interventions.
Equity | Market rebounds from early loss
Two major banks out with earnings; signs positive
The equity market has been volatile this week with DANGCEM being the major fulcrum. Having kicked-off the week with a 1.72% sell-off the index surged by 2.23% on Tuesday before making gains in 2 of the remaining 3 sessions. Week-on-week the benchmark index gained 0.90% to 25,238.01 points. Sector performance was mixed for the week. On a positive note the consumer goods index surged by 5.23%. The banking index edged up by 0.10%. The insurance index inched up 0.03%. The industrial index lost 2.94%.
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