April 14, 2022/Coronation Research
Summary
- Opening market liquidity was reported at N117.7bn on Friday (08 April ‘22). Overnight and repo rates closed within a range of 5.8-7.5%. The average NTB yield increased by 6bps w/w to close at 3.3%. Meanwhile, the average yield for OMO bills remained unchanged to close at 3.6%.
- As for the secondary market for FGN bonds, the average yield increased by 31bps w/w to close at 11.0%.
- Based on data from S&P Global, the Eurozone Services PMI increased slightly to 55.6 in March ’22 from 55.5 recorded in the previous month. The Manufacturing PMI declined to 56.5 in March ‘22 compared to the 58.2 recorded in the previous month. Overall, the Composite PMI declined to 54.9 in March ’22 from 55.5 recorded in February. This can be partly attributed to the increase in energy prices and worsening supply chain issues on the back Russia-Ukraine crisis.
For the full Coronation fixed income and exchange rate (CFEX) update, please click here.
