Monthly Markets Review – Overview of Markets in April 2017

May 4, 2017/Cordros Research

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  • Global equities were mixed in April, with factors that shaped market performance ranging from economic data, corporate earnings, geopolitical tensions, monetary and fiscal policies actions, politics, currency swings, to oil price movements.
  • Nigerian equities closed positive again, this time (+0.95%), higher than the 0.74% gain recorded in March, with stocks prices rallying principally on the back of the broadly better-than-expected January-March earnings.
  • The overnight rate declined by 675 bps m/m to 4.75%, from last month’s close of 11.50%, despite the prolonged drought in system liquidity.
  • The Nigerian Treasury Bills market remained pressured, reflecting the continued impact of tight liquidity conditions on demand.
  • Activities in the bond market largely mirrored trajectory in the T-bills space, with selloffs in three out of four weeks causing average yield to increase by 39 bps m/m to 16.66%.
  • The apex bank remained resolute in the defense of the Naira, with the LCY strengthening against the USD at both the interbank and parallel markets.