Breakfast Report - June 17,2019
Equity: Market will likely drift back to negative territory today barring any market catalysts or significant news that could boost investor appetite. We also highlight that prices remain attractive and pose a good entry point for long term investors.
Stock Watch: FO hit its year high of ₦35.30 at the beginning of May after which it saw some steep declines as investors took profit on the inflated price. FO is currently trading 21% above its year low of ₦24.30 and has returned 2% YTD (Oil & Gas sector: -17% YTD).
Fixed Income: Given the current system liquidity, it is safe to expect the CBN to conduct an OMO auction in the coming week. We expect trading in the T-bills market to open the week on a mixed note with a positive tilt to the space. Inflation data for May is set to be released at the start of next week. A headline inflation figure that is better than consensus expectations should improve sentiment in the bond space.
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