“News Update:


The Manufacturing Purchasing Managers’ Index (PMI) increased to 52.9 index points in June 2017, showing expansion in the manufacturing sector for the third consecutive month. The Central Bank of Nigeria (CBN) revealed this in its PMI report for June 2017, obtained yesterday. The latest PMI report showed that 12 of the 16 sub-sectors reported growth in the review month while four other sub-sectors declined. – Thisday”

“The bond market traded with mixed sentiments in today’s trading session with some sell off on the 2020 bonds (4bps increase), while we saw more patron- age for the 2022 and 2027 (4bps decline) bond maturities by market players. The T-bills market opened the month on a bearish note with large sell-offs witnessed on the short-end of the curve (Jul – Nov 2017 T-bills) with an aver- age yield increase of 109bps. This was as a result of another round of liquidity tightening via OMO T-bills sales (N 45.3billion) and Wholesale FX auction ($100million) by the CBN. We expect the bond market to remain client driven as we await the Q3 2017 auction calendar. The level of naira liquidity in the Money Market will continue to dictate the trading pace in the T-bills market.

The money market opened the week on a higher note on the back of the sale of stabilization securities by the CBN closing last week . Consequently, OBB and O/N rates closed at 14.83% and 15.67%, coming from 5.33% and 5.75% closing last week. System liquidity is estimated at N14billion negative as at close of business today. Interest rates are expected to remain elevated tomor- row as we do not expect any significant cash inflow to boost market liquidity .”

ECONOMIC INDICATORSI
nflation (YoY)16.25%
Exchange Rate ($)N305.95
MPR14.00%
Foreign Reserves$30.27
BnBrent Crude$49.29

For details in full ,Kindly visit :

https://brandspurng.com/daily-market-report-fixed-income-money-market-and-fx-july-3-2017/

I personally find this site very resourceful in terms of Banking, Insurance and finance news, articles and opinion.
https://brandspurng.com