FINANCIAL MARKETS TODAY – 29 June 2021

FIXED INCOME MARKET

Money Markets

System liquidity opened in a deficit of ca -₦1.57 billion today, lower than the previous day’s opening of ca ₦44.89 billion. However,
the Open Buy Back (OBB) and Overnight (ON) rates trended lower
to 16.75% and 17.25% from 18.50% and 19.25% respectively, the
previous day.

Treasury Bills

The NTB secondary market maintained its quiet stance with very
few trades executed, thus, average rates remained unchanged.
However, the OMO secondary market sustained a somewhat
bearish theme, with most of the activity skewed to the long-dated
papers. Overall, average rates rose by ca 6bps, day-on-day .

Bonds

The FGN bonds market sustained its bullish momentum, albeit in
a less aggressive manner. Demand was skewed to the 2026s,
2035s, 2049s and 2050s with very few sellers – especially those
who tried to book month-end profits. Overall, rates dipped by
13bps across the yield curve.

Eurobonds

Sentiment on the Eurobonds we track was bearish today, with
selloffs witnessed across the yield curve. Consequently, average
yield increased by ca 5bps, day-on-day.

Equities Market Performance

With gains recorded in Cadbury Nigeria Plc (+9.62%) and Zenith
Bank Plc (+0.42%), the Nigerian Equities Market closed the day in
the green, as the Nigerian Stock Exchange All Share Index (NSE
ASI) gained 15bps day-on-day, to close at 37,640.75pts, while
market year-to-date loss trimmed to –6.53%.

The NSE Consumer Goods and Banking indices gained ca 0.29%
and 0.25% respectively, while the NSE Oil & Gas index lost ca
0.86% day-on-day. The NSE Industrial Index closed flat.

FCMB Group Plc led the volume chart with ca 41 million units
while Guaranty Trust Holding Company Plc led the value chart
with ca ₦401 million worth of trades.

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