The best performing sector over the month was the banking sector (+4.29%) while the worst performing sector was the oil and gas sector (-15.71%).
We expect the equity market to trade sideways in the near term in the absence of any positive catalyst however we would continue to take advantage of market opportunities to the enhance the value of the pension assets.
The fixed income market traded on a bullish note with yields declining across the curve during the month of June. The bullish sentiment was largely supported by the buoyant system liquidity and the reduction in the monetary policy rate from 13.5% to 12.5%.
We expect yields to continue on a downward trajectory largely due to the healthy demand from local investors for federal government securities.