The Market Today - 19 September 2017
FG inaugurates committee to improve data gathering
In a bid to boost financial transparency and deepen the pool of statistical data available in Nigeria, the Federal Government, on Monday inaugurated a consultative committee to effectively co-ordinate financial statistical data gathering for the Ministry of Finance and its agencies. The committee would consist of relevant members of the Nigerian Bureau of Statistics, Central bank of Nigeria, Federal Ministry of Finance, Federal Inland Revenue Service as well as other relevant departments and agencies. We note Nigeria’s dearth of statistical data available in Nigeria, which often warrants with many analysts and potential investors to resort independent researchers for data that should be readily available; the development could also serve as a drag potential foreign investments as well as hinder effective policy making. As such, the move should help in further improving the ease of doing business in the country, and bode well for the overall economy.
Sentiment remains cold on the Nigerian bourse
The Nigerian stock market opened the week in the red, with the NSE ASI down 38bps as most key sectors closed under water. With sentiment still largely mixed in the previous session, we foresee another mixed trading session today, albeit with a bearish bias.
Stock Watch: Having hit a 2017-high of ₦63.00 in mid-August, WAPCO has shed 22% since then and currently trades at ₦49.00. The stock trades below consensus target price of ₦69.21, and has returned 20% Ytd.
Yields trend southwards in T-bills market at week open
The CBN opened the week with an OMO auction, offering ₦60.00 billion and selling ₦17.57 billion across the 80DTM and 185DTM bills at stop rates of 16.00% and 17.95% (effective yield: 16.58% and 19.75%). The CBN opened the week with an OMO auction, offering ₦60.00 billion and selling ₦17.57 billion across the 80DTM and 185DTM bills at stop rates of 16.00% and 17.95% (effective yield: 16.58% and 19.75%). With yet another OMO auction expected in today’s session, we foresee mixed trading in the T-bills market today as system liquidity tightens further. Also, we foresee another relatively mixed session in the bond space today as investors tread cautiously.
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