Monthly Markets Review – Overview of Markets in May 2017

June 12, 2017/Cordros Research

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  • Global equities were largely positive in May – save for the Euro Stoxx which closed in the red within our coverage universe – thanks to positive economic data, currency swings, oil price movement, and political events.
  • The prices of Nigerian equities closed higher for the third month in a row, driven mainly by the sense of improving access to FX by the foreign portfolio investors through the I&E window, coupled with signals of a gradually recovering economy.
  • From 4.75% at the end of April, average interbank lending rate increased, and closed at 12.33% in May.
  • The treasury bills market remained pressured, still grappling with low system liquidity amid increasing attractiveness of risky assets.
  • Demand remained low in the bond space, with average yield rising 11 bps m/m to close at 16.77%.
  • The apex bank focused on driving FX policies of the previous months, with the LCY strengthening against the USD at both the interbank and parallel markets.