Research

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Mutual Funds Anchoria

02/07/2020


AFIF

BID / Offer

1.29 / 1.29


AEF

BID / Offer

96.16 / 96.48


AMMF

BID / Offer

100 / 100 (5.91% Yield)

Our research team tracks economic and market data for performance of all major asset classes in Nigeria and globally to help spot trends and develop new opportunities for our clients. We use these insights to give our clients an edge in creating investment strategies and portfolios that provide enduring wealth.

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06/05/2019

Anchoria AM 11 June-15 June 2018

Market/Economic Insight The performance of the Nigerian Equity Market remained bullish last week with the index (NSE ASI) up by 0.67% WTD to close at an index level of 38,928.02 and market capitalization of N14.10 trillion.

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13/03/2019

Fixed Income Market Monitor 25 - 29 March 2019

Following the surprised cut in Monetary Policy Rate (MPR) to 13.50% from 14.00% and reduction in spot rate at the Bond Market Auction conducted during the week, the Secondary Bond Market traded on a bullish note as demand was seen on most maturities especially the short tenor bonds. Average yields fell by 16bps to close the week at 14.07%.

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21/03/2019

Anchoria AM Weekly Brief 21 - 25 October 2019

The performance of the Nigerian Equity Market remained bearish with the index (NSE ASI) down by 0.38% Week to Date (WTD) to close at an index level of 26,348.73 and Market capitalization of N12.82 trillion.

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26/04/2019

Anchoria AM 11 June-15 June 2018

Market/Economic Insight The performance of the Nigerian Equity Market remained bullish last week with the index (NSE ASI) up by 0.67% WTD to close at an index level of 38,928.02 and market capitalization of N14.10 trillion.

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17/02/2020

Fixed Income Report (February 10-14, 2020)

Money Market
The average money market rate fell marginally last week by 3.04% to settle at 2.88% from 5.92% in the previous week. This is attributable to the inflows from OMO maturities, FGN Bond maturities and bond coupon payments which boosted the system liquidity.

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24/02/2020

Fixed Income Report (February 17 - 21)

Money Market
The average money market rate rose marginally last week by 0.54% to settle at 3.42% from 2.88% in the previous week. This is attributable to the outflows from FGN Bond worth N100.00 billion during the week.

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23/03/2020

Fixed Income Market Monitor

The average money market rate fell significantly last week by 4.58%
to settle at 5.05% from 9.63% in the previous week. This is attributable
to inflows from OMO maturities and FGN bond coupon payments of
N304.75 billion and N90.97 billion respectively during the week while
the only notable Outflow for the week is the Weekly wholesale FX
retail intervention fund of $210m.
The Open Buy Back (OBB) and Overnight rates (O/N) fell to 4.80%
and 5.30% from to 9.17% and 10.08% respectively.
Barring an unexpected debit by CBN, we expect the system liquidity
to remain buoyant as foreign investors stay off from OMO sales.

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23/03/2020

Fixed Income Market Monitor

The average money market rate fell significantly last week by 4.58% to settle at 5.05% from 9.63% in the previous week. This is attributable to inflows from OMO maturities and FGN bond coupon payments of N304.75 billion and N90.97 billion respectively during the week while the only notable Outflow for the week is the Weekly wholesale FX retail intervention fund of $210m.

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06/04/2020

Fixed Income Market Monitor Monday, 30 - Friday, 03 April 2020

Money Market
The average money market rate fell significantly last week by 14.05% to settle at 2.40% from 16.45% in the previous week. The system liquidity experienced buoyancy due to the inflows from CRR refunds worth c.N310 billion to banks and OMO maturities – N288.54 billion. Outflows include OMO auction – N4.00 billion and weekly wholesale retail FX intervention - $210mn. The Open Buy Back (OBB) and Overnight rates (O/N) fell to 2.20% and 2.60% from 15.80% and 17.10% respectively. We expect incoming OMO maturities worth N130.93 billion to increase money market rate this week.

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28/04/2020

Fixed Income Market Monitor

The average money market rate rose significantly last week by 18.58% to settle at 20.71% from 2.13% in the previous week. The constraint in the system liquidity is attributable to the sudden CRR debits by the CBN and FGN Bond auction sum of N156.06 billion which occurred during the week.

The notable inflow during the week included OMO maturities worth N267.67 billion and FGN Bond coupon payments of N32.67 billion while notable outflows include: OMO auction - N112.65 billion and FGN Bond auctions - N156.06 billion.

We expect the system to be relatively awash with buoyant system liquidity this week due to OMO maturities worth N30.66 billion and FGN Bond coupon payments of N149.14 billion which is expected to hit the system.

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01/05/2020

Fixed Income Report April 27 - May 1, 2020

Money Market

The average money market rate fell significantly last week by 18.21% to settle at 2.50% from 20.71% in the previous week. The buoyancy in the system liquidity is attributable to inflows from OMO maturities - N30.66 billion, FGN Bond coupon payments of N149.14 billion and CRR refunds (part of previously debit CRR of N1.5 trillion)

Notable outflow during the week included: OMO sales of N100 billion.

We expect an uptick in the OBB and OVN on Monday as the CBN resume its Wholesale FX auction. Also, the system liquidity is expected to be constrained as the only notable anticipated inflow is OMO maturity of N18.5 billion

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18/05/2020

Fixed Income Market Monitor Monday, 11 – Friday, 15 May 2020

Money Market
The average money market rate fell significantly last week by 4.79% to settle at 3.09% from 7.88% in the previous week. This is attributable to the inflow from OMO maturities of N209.05 billion and NTB Maturity of N38.00 billion during the week.
Notable outflows for the week included weekly FX wholesale SMIS of $210mn and NTB auction of N142.76bn. The CBN declared OMO auction held during the week No Sale.
We expect the system liquidity to be slightly buoyant with N17.87 billion FGN Bond coupon payments expected during the week.

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27/04/2020

Fixed Income Market Monitor Monday, 18 – Friday, 22 May 2020

Money Market
The average money market rate rose significantly last week by 12.23% to settle at 15.32% from 3.09% in the previous week. This is attributable to the outflow from FGN Bond auction worth N295.37 billion and CRR debits from banks by the Central bank.
Other outflows for the week included: FX wholesale SMIS of $210mn and Biweekly retail FX sale while inflows were FAAC allocation of c. N300.00 billion, OMO Maturities of N296.2 billion, and FGN Coupon payments of N17.87 billion.
We expect the system liquidity to be buoyant with N5.63billion FGN Bond coupon payments and OMO maturities of N319.72 expected during the week.

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29/05/2020

Fixed Income Market Monitor Monday, 25 – Friday, 29 May 2020

Money Market
The average money market rate fell significantly last week by 12.72% to settle at 2.60% from 15.32% in the previous week. This is attributable to the inflow from FGN Bond coupon payments worth N5.63 billion and OMO maturities worth N319.72 billion. Other outflows for the week included: FX wholesale SMIS of $210mn
Also, at the Monetary Policy Committee (MPC) meeting last week, the Central Bank of Nigeria surprisingly reduced the Monetary Policy Rate (MPR) from 13.50% to 12.50% while other parameters such as the Cash Reserve Ratio (CRR) remained at 27.50% and Liquidity Ratio at 30.00%. As part of the CBN’s monetary and fiscal policy measures to curb the effect of the pandemic on the economy, the bank reduced the interest rates on the CBN intervention facilities from 9% to 5% per annum from 1-year effective March 1, 2020.
We expect the system liquidity to be buoyant with OMO maturities worth N155.78 billion expected during the week. Also, we expect increase activities in CBN Lending window this week

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08/06/2020

Fixed Income Market Monitor Monday, 01 – Friday, 05 June 2020

Money Market

The average money market rate rose significantly last week by 13.55% to settle at 16.15% from 2.60% in the previous week. This is attributable to the outflow from OMO auction worth N70.00 billion and CRR debits of N459.72 billion by the Central bank.

Other outflows for the week included weekly FX wholesale SMIS of $210mn while inflows came from OMO maturities worth N149.68 billion

We expect the constraint in the system liquidity to continue as no inflow is expected in the coming week.

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26/06/2020

Fixed Income Market Monitor Monday, 22 – Friday, 26 June 2020

Money Market
Despite an absence of inflow into the system during the week, the average money market rate fell marginally by 0.27% to settle at 15.65% from 15.92% in the previous week.
The system was relatively illiquid forcing banks to access funding at the CBN SLF window. The OBB rose by 3bps to close at 15.20% while the Overnight Rate fell 57bps to close at 16.10%. We expect the inflow from OMO maturities (N157.23 billion) to boost the system liquidity this week.

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