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Breakfast Report - 15 April 2024
| Following the appreciation of the Naira in the parallel market to ₦1,250/$ levels, the Central Bank of Nigeria began the sales of FX to BDCs at the rate of ₦1,101/$. This influenced further bullish sentiments in the retail end of the FX market. We believe the c.$3 billion inflow from foreign portfolio investors in Q1 provides sufficient dollar liquidity over the near term. We also believe the commencement of domestic refining could provide a sustainable basis for more appreciation in the Naira over the medium term. | |||||
| Equity: The All-Share index lost 71bps on Friday, as investors continue to sell-down the banks. Given last week’s bearish performance, we are likely to see losses moderate in that sector, as the market opens this week on a cautious note. | |||||
| Fixed Income: We anticipate a subdued market in Monday’s session, as investors focus shifts to the monthly bond auction, where c.₦420 billion is on offer across the three tenors. |
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