Zenith bank treasury news and market update

Here's a summary of the latest news and market update from Zenith Bank Treasury:

Market Update

• The Nigerian Stock Exchange (NSE) All-Share Index (ASI) closed at 43,951.44 points, up 0.12% from the previous day's close.
• The market capitalization of the NSE increased by 0.12% to N21.43 trillion.
• The top gainers on the NSE were:
  • Dangote Cement (DANGCEM) +2.14%
  • Guaranty Trust Bank (GTBank) +1.83%
  • Zenith Bank (ZENITHBANK) +1.64%
• The top losers on the NSE were:
  • MTN Nigeria (MTNN) -1.45%
  • Nigerian Breweries (NB) -1.23%
  • Unilever Nigeria (UNILEVER) -1.14%

Treasury Market Update

• The overnight lending rate in the interbank market closed at 15.00%, unchanged from the previous day.
• The open buy-back (OBB) rate closed at 14.50%, unchanged from the previous day.
• The 91-day treasury bill (T-bill) rate closed at 14.50%, unchanged from the previous day.
• The 182-day T-bill rate closed at 15.00%, unchanged from the previous day.
• The 364-day T-bill rate closed at 15.50%, unchanged from the previous day.

Economic Update

• The National Bureau of Statistics (NBS) reported that Nigeria's inflation rate rose to 12.13% in June 2022, up from 11.98% in May 2022.
• The NBS also reported that Nigeria's GDP grew by 3.11% in Q2 2022, up from 2.70% in Q1 2022.
• The Central Bank of Nigeria (CBN) maintained its monetary policy rate at 13.00%, citing concerns over inflation and the need to support the economy.

Market Outlook

• The market is expected to remain volatile in the short term, driven by global economic uncertainty and domestic political tensions.
• The CBN is expected to maintain its hawkish stance on monetary policy, with a focus on controlling inflation and stabilizing the naira.
• The NSE is expected to continue its upward trend, driven by positive earnings growth and improving investor sentiment.

Zenith Bank Treasury Recommendations

• Investors are advised to maintain a cautious approach in the short term, with a focus on high-yielding instruments such as T-bills and commercial papers.
• Investors are advised to consider diversifying their portfolios across asset classes, including stocks, bonds, and commodities.
• Investors are advised to monitor the market closely for any changes in monetary policy and economic data, which could impact market sentiment and performance.

Please note that this is a summary of the latest news and market update from Zenith Bank Treasury, and is not intended to be a comprehensive or personalized investment advice. It is recommended that investors consult with a financial advisor or investment professional before making any investment decisions.