The Market Today - 20 September 2017
FG reconstitutes Investment and Securities Tribunal
In a bid to improve investor confidence in the Nigeria capital market, the Federal Government (FG) has reconstituted the Investment and Securities Tribunal (IST). The IST was constituted and formally inaugurated in 2002 as part of the FG’s key reform of the financial sector but later dissolved in 2015. The move should complement other recent actions by the FG in enhancing the integrity, transparency and confidence in the Nigeria investment community. We also highlight that this comes on heels of FG plans to create special courts solely for hearing and speedily determining corruption and financial crime cases.
Softer losses for the ASI, down 8bps
The Nigerian bourse continued the week in the red albeit with softer losses as the NSE ASI dipped by 8bps. Whilst we expect trading to remain tepid in today’s session, we highlight that the softening losses across key sectors partly presents a case for a potential change in ASI direction.
Stock Watch: OANDO has shed 16% over the last five sessions. The stock currently trades at ₦5.65 and has returned 20% Ytd.
Trading turns mixed in T-bills market ahead of PMA
The CBN conducted another OMO Auction yesterday, offering ₦60.00 billion and eventually selling ₦14.92 billion across the 78DTM and 184DTM bills at stop rates of 16.00% and 17.95% (effective yields: 16.57% and 19.74%). Yesterday, trading turned mixed in the T-bills market with yields trending in opposite directions. In the bond market, yields trended northwards on the short-end of the curve however, trading turned relatively muted across other tenors as investors’ activities waned. The CBN would be conducting a T-bills Primary Market Auction today, offering ₦141 billion across the 91DTM, 182DTM and 364DTM bills. Also, the ongoing ₦100 billion 7-Year Ijarah Sukuk offer (Rental Rate: 16.47%) closes today.
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