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GFX Prime Limited

We are the bridge between local markets and the world’s largest financial markets. Authorized by the Bank of Ghana. https://bit.ly/3lqYTdt

Regulated and licensed by the Securities and Exchange Commission.

10/01/2022

EUROBOND MARKET COMMENTARY 10 - JAN

Sub-Saharan Africa (SSA) opens flat.

GHANA and NIGERIA continue to slide sideways at the open following a largely sluggish run in last week’s session.

Oil prices edge up as disruptions in supply in Kazakhstan and Libya outweighed concerns over the rapid global spread of Omicron infections. Brent crude futures rose to $81.94 a barrel.

Major stock markets made cautious gains as investors await another U.S. inflation report that may seal an early rate hike from the Federal Reserve, pushing bond yields even higher.

Emerging economies must also prepare for interest rate hikes in the US, according to the IMF, which also warned that a faster than expected Fed rate move might cause turbulence in financial markets.

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04/01/2022

EUROBOND MARKET COMMENTARY 4 - JAN

Sub-Saharan Africa (SSA) opens soft.

We expect volatility within the SSA markets within the next few days as liquidity returns to the market.

Oil fluctuates near $79 a barrel ahead of OPEC+ meeting. OPEC+ is set to ratify a 400,000 barrel a day production increase for February when it gathers on Tuesday. Market has concerns that the additional output would lead to a supply surplus following the virus curbing demand.

US treasury yields steadied after climbing across the curve, making its worst start to a year since 2009 as investors braced for FED interest rate hikes in 2022.

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23/12/2021

EUROBOND MARKET COMMENTARY 23 - DEC

Sub-Saharan Africa (SSA) opens flat.

SSA markets were muted in yesterday’s sessions, as traders wind down for the Christmas holidays. Retail investors were seen bidding the belly of the GHANA and NIGERIA curve, but the desk saw not much else.

We start the day with a risk on sentiment within global markets as data comes through to back the assertion that Omicron is less severe than the Delta variant. Biden and Johnson both state that we are not going back to full lockdowns as we had in March.

Oil rallied to reflect a significant drop in the weekly stockpiles of US crude. Rebounding from losses brought about by a sell off earlier in the week triggered by fears over Omicron.

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22/12/2021

EUROBOND COMMENTARY 22 - DEC

Sub-Saharan Africa (SSA) opens flat. Subdued trading in yesterday’s sessions as expected heading into the Christmas holidays as traders close their books for the year. Our desk saw risk appetite revive amongst institutional and retail buyers in the GHANA & NIGERIA belly of the curve and the Nigerian financials.

Oil suffers its biggest decline of the month overnight as surging COVID-19 infections across Europe escalated concerns. Brent crude oil dropped 4.8% to $69.97 a barrel.

We expect a not too dissimilar day today with the high yields being too tempting to turn down.

Please click the link in the bio to join our mailing list for daily Eurobond insights and pricing.

17/12/2021

EUROBOND MARKET COMMENTARY 17 - DEC

Sub-Saharan Africa (SSA) opens flat to firm.

SSA markets reacted with a positive risk sentiment in yesterday’s sessions following the much-anticipated FOMC meeting. GHANA and NIGERIA were bid predominately in the short end, bringing much-needed respite to the sovereigns. We expect the positive sentiment to continue into today’s early morning session.

“Despite the current increase in the spread of the virus, the weekly EIA report showed that demand for petroleum products rose to a record level, crude exports returned to recovery and national crude inventories recorded a larger-than-expected drawdown,” said Edward Moya, senior analyst at OANDA. Brent crude futures rose 65 cents, or 0.9 percent, to $74.53 a barrel by the UK close.

Please click the link in the bio to join our mailing list for daily Eurobond insights and pricing.

16/12/2021

EUROBOND MARKET COMMENTARY 16 - DEC

Sub-Saharan Africa (SSA) opens soft.

NIGERIA and GHANA were weighed down in yesterday’s sessions, increased inflation numbers reported in GHANA did nothing to help the present risk-off sentiment. Retail investors continued to show interest in the short end as yields returned to pre-rally levels.

The FED meeting delivered more than the market was expecting. The accelerated taper had largely been expected; however, the projected rate hikes show three in each of 2022 and 2023 and two more in 2024, this was seen as aggressive and signaled to the market that thoughts of transitory inflation were in the ‘rear view mirror’ and inflation would be tackled. We are expecting a positive response from global markets and a ‘bleed through’ to SSA markets.

Oil prices have ticked somewhat higher despite the current virus outbreak with Brent crude futures at $74.53 per barrel. According to the weekly EIA oil inventory data, demand for petroleum products has reached a new high. Finally, some good news for oilers.

Please click the link in the bio to join our mailing list for daily Eurobond insights and pricing.

15/12/2021

EUROBOND MARKET COMMENTARY 15 - DEC

Sub-Saharan Africa (SSA) opens soft.

A subdued day in SSA trading, with not much changing hands. A few retail buyers chasing yields on the front end of the GHANA & NIGERIA curves.

All eyes on the FED today with yesterdays U.S data showing producer prices at 11-year highs and goes to reinforce market expectations of faster stimulus tapering, strengthening the dollar.

Oil futures prices dropped toward US$73 a barrel after the International Energy Agency (IEA) said the Omicron coronavirus variant is set to dent global demand recovery, unwelcome news for oilers.

Please click the link in the bio to join our mailing list for daily Eurobond insights and pricing.

14/12/2021

EUROBOND MARKET COMMENTARY 14 - DEC

Sub-Saharan Africa (SSA) opens soft.

Oil prices are falling due to investor worries about demand after renewed restrictions were imposed in Europe and Asia amid a rise in coronavirus cases. Brent crude futures eased by 34 cents, to $74.05 a barrel.

The greenback rose against each of the G-10 currencies yesterday as investors began to prepare for the central bank announcement on Wednesday.

SSA markets were generally weighed down in yesterday’s sessions with not many bonds changing hands as we await the FED’s announcement tomorrow. We expect ‘more of the same’ today.

Please click the link in the bio to join our mailing list for daily Eurobond insights and pricing.

10/12/2021

EUROBOND MARKET COMMENTARY 10 - DEC

Sub-Saharan Africa (SSA) opens flat to soft.

GHANA and NIGERIA showed weakness during yesterday’s session. The short end was still in demand, albeit offers were easier to find. The belly of the curve was net offered. We expect general weakness, heading back to ‘as you were’ scenario prior to rally.

Oil prices seemed to have turned a corner and started to rise with the help of the “OPEC +” alliance achieving stability after a week that witnessed many fluctuations, as the group added many caveats to its decision to stick to its plan regarding increasing oil production, providing much needed respite for oilers.

Please click the link in the bio to join our mailing list for daily Eurobond insights and pricing.

09/12/2021

EUROBOND MARKET COMMENTARY 9 - DEC

Sub-Saharan Africa (SSA) opens flat to firm.

SSA markets continued to rally in yesterday’s sessions as market ‘prices-in’ central banks rate hikes albeit delayed. We saw GHANA and NIGERIA move higher as we received news that the COVID variant is unlikely to be a major threat and Pfizer reported their booster neutralized omicron strain in testing.

Oil prices ended higher in a back-and-forth session on Wednesday, maintaining a positive tone as investors no longer expect the Omicron coronavirus variant to derail global economic growth. Brent crude futures settled at US$75.82, up 38 cents.

We expect SSA to be generally bid at open, however we have come a long way and not sure the likes of Ghana could go further.

Please click the link in the bio to join our mailing list for daily Eurobond insights and pricing.

08/12/2021

EUROBOND MARKET COMMENTARY 8 - DEC

Sub-Saharan Africa (SSA) opens firm.

SSA rallied yesterday on general market risk-on sentiment brought about by renewed Omicron optimism. Global markets soared on hopes that Omicron would prove less damaging to the global economies than feared.

GHANA and NIGERIA short dated were in demand during yesterday’s sessions, bids eventually moving up the curve in search of offers. We expect a similar story today.

At today’s open, oil is down as uncertainties over new variant trigger investor caution, as more than an expected fall in US crude stocks limits further decreases.

Please click the link in the bio to join our mailing list for daily Eurobond insights and pricing.

Address

2nd Floor, PWC Tower, Cantonments
Accra
00233

Opening Hours

Monday	08:00 - 17:00
Tuesday	08:00 - 17:00
Wednesday	08:00 - 17:00
Thursday	08:00 - 17:00
Friday	08:00 - 17:00

Telephone

+233596920997

Website

http://www.gfxprime.com/

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