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MAW NEWS HIGHLIGHTS

MAW News Spotlight

Nigeria records debt service to revenue ratio of 99% in first quarter of 2020.
Data obtained from the MTEF/FSP (Medium-Term Expenditure Framework and Fiscal Strategy) report released by the Federal Ministry of Finance, Budget, and National Planning shows that in Q1 2020, Nigeria incurred a total sum of N943.12 billion in debt service while the federal government retained revenue was stated at N950.56 billion.

The share of oil revenue was N464.03 billion while non-oil revenue accounted for N269.41 billion. This implies Nigeria’s debt service to revenue at approximately 99% during the period.
Stock Market - YTD Performance -6.18% 
The NSE ASI appreciated during the week maintaining its bullish run, despite recording losses on 2 of 4 trading days, with an appreciation of 0.67% week-on-week. Bellwether stocks such as BUACEMENT, ACCESS, MTNN, etc. gained 3.75%, 2.26% and 1.72% respectively.

The NSE ASI and market capitalization now stand at 25,182.67bps and N13.137 trillion, respectively. This brought the year-to-date figure of the ASI down to -6.18% from -6.80% last week. The bullish performance recorded during the week was anchored by in the Insurance Sector which gained 3.69%.

Fixed Income
Treasury Bills

The Treasury Bills market started the week on a relatively quiet note with minimal activity witnessed across the board on the back of the unattractive yields on offer.

There was a PMA and the result was relatively strong with a bid to cover ratio of 1.9x and stop rates printing at 2.0%, 2.20% and 4.02% on the 91-Day, 182-Day and 364-day maturities, respectively.

The T-bills market ended the week flattish as average yields remained at previous levels of 3.39% week-on-week due to weakened investor appetite on the back of limited market supply.
 


Bonds

The domestic Bond market ended the week bearish as average yield ticked up 7bps w/w to 10.08%


Eurobonds

The Nigeria Eurobond market performance was bullish as average yields declined c.21bps to 7.69%. The 2021 and 2022 instruments saw the biggest weekly drop in yields declining 86bps and 47bps respectively.  

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