In the new week, treasury bills worth N293.87 billion will mature via Open Market Operation (OMO) hence, dealers expect interbank rates to move lower amid liquidity ease.
Similarly, there are expectations that yields will further moderate as local over the counter (OTC) bond prices increase even as funding pressure amongst participants ease.
“In the new week, we expect the equities market index to trade positively as investors are likely to buy banking shares, especially the tier-1 banks amid anticipated interim dividend payment,” dealers from Cowry Assets Management Limited stated in a note to clients.
Meanwhile, investment in OMO Bills increased to N24.32 trillion as of July 2021 compared to the total turnover of N9.28 trillion recorded in seven months in 2020.
Breakdown of performance of the market as of July 2021 showed that investment activities in the Foreign Exchange Derivatives segment dropped 30.8 per cent or N7.12 trillion. Turnover in the space dropped from N23.4 trillion as of July 2020 (YTD) to N16.22 trillion (YTD) as of July 2021 while trading in Foreign Exchange also dipped by 30.6 per cent or N6.39 trillion from N20.89 trillion as of July 2020 to N14.5 trillion as of July 2021 (YTD). Investment in Federal Government Bond (FG Bonds) also dropped by 24.2 per cent or N3.79 trillion to N11.89 trillion as of July 2021 (YTD). Investors injected N15.68 trillion in FG Bonds as of July 2021.
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