Have you ever wondered about bonds, forex or all those crazy financial terms that give you a headache whilst dreamingly wondering where to invest your money or where to get all the necessary information you need about the financial market?....
Well, I present to you, my new sponsored feature.... HEDGE and RISK DAILY MARKET REPORT....Please get your fix below.....
The Daily Hedge and Risk Financial Market Report
The outflow of offshore funds from Nigeria which accelerated at the beginning of the year has all but ceased, as investors pile back into the country, which is one of the top frontier markets by weighing on the Morgan Stanley Capital International (MSCI) Index. MSCI Index is often used as a common benchmark for global stock funds, which includes a collection of stocks of all the developed markets in the world. Consequently, total foreign fund inflows into the Nigerian Stock Exchange (NSE) were NGN41.2 billion ($252 million) in the month of May, and almost equivalent to the levels of outflows, according to the most recent data from the bourse.
(Source: Business Newspaper)
Money Market Systemic liquidity levels remained high, opening above NGN200 billion. Nonetheless, NIBOR rates moved in mixed directions from the short and long end of the maturity spectrum. The Overnight rate rose by 8bps to close at 10.58%. Fixed Income Market Trading in the T-bills market was mixed as there was slight buying and selling on short to mid tenors while long tenor bills remained flat. The bond was stable as there was little movement in yields. However, the short end benchmark (13.05% FGN AUG 2016) closed flat. Naira appreciated by 5 kobo to close at NGN162.65/$.
• Transactions on the Nigerian Stock Exchange closed upbeat on Tuesday as market indicators improved by 0.39%. The market capitalization closed at NGN13.758 trillion, while the All-Share Index increased by 163.05
The head of the Bank of England (BOE) on Tuesday said that the U.K. economy is likely to grow more strongly in the second half of this year than the bank had expected, but subdue wage growth suggests there is still more space capacity to be used up before the rise in the benchmark interest rate is needed. The BOE has signaled that interest rates in the U.K. could rise before the end of the year.
GLOBAL CURRENCY UPDATE
The dollar rose against the pound on Tuesday after comments from the head of the Bank of England had investors questioning the timing of the first interest rate hike in the UK. The pound fell to $1.6981 from $1.7024 late Monday. The dollar rose to ¥101.92 from ¥101.88 late Monday. In other trades, the euro climbed to $1.3606 from $1.3600 late Monday. The Australian dollar fell to 0.9364 U.S. cents from 0.9422 U.S. cents.
Brent crude climbed back towards $114 a barrel on Tuesday on continued fighting in Iraq, supply disruptions in Libya and expectations of a decline in U.S. crude inventories. Gold traded near a two-month peak on Tuesday, as a drop in European stock prices after soft German economic data helped bullion build on last week's gains.
Hope you found today's financial report somewhat insightful and useful.
Enjoy The Rest Of Your Wednesday Lovelies! Kisses