Money Markets

Liquidity in the banking system opened at ca ₦60.11 billion today, significantly lower than the previous day’s opening of ca ₦842.13 billion. However, Open Buy Back (OBB) and Overnight (ON) rates trended lower to close at 4.50% and 4.75% from 7.00% and 7.25% respectively, the previous day.

Treasury Bills

Activities in the NTB secondary market closed the week on a quiet note. Though very few trades were executed across the NTB curve, particularly on the Jan’22 and Jul’22 papers at c. 5.50% and 8.00% respectively. Consequently, this caused average rates to drop 22bps across the curve. Likewise, buying interest was witnessed across the OMO curve causing average rates to drop ca 20bps, day-on-day.

Bonds

The FGN bonds secondary market ended the week on a muted note, albeit with slightly improved offers seen on the longest-dated maturity (2050s) at 13.30% level. The 2049s also witnessed some demand, but offers were very scarce. Consequently, the average yield rose by ca 8bps, day-on-day.

Eurobonds

The Eurobonds space saw bullish sentiments at the close of the week, with buying activity seen across the yield curve. Consequently, the average yield fell by ca 2bps, day-on-day.

Equities

The domestic bourse closed the last trading day of the week in the green, with the Nigerian Stock Exchange All Share Index (NSE ASI) recording a gain of 0.21% day-on-day, to close at 37,947.18pts, while market year-to-date loss trimmed to –5.77%. This was largely supported by gains recorded in stocks such as MTN Nigeria Communications Plc (+0.61%) and Guaranty Trust Holding Company Plc (+0.34%).

Foreign Exchange

In the parallel market, the Naira depreciated against the U.S Dollar to ₦506.00/$1.00 from ₦505.00/$1.00, while remaining stable against the Pound Sterling and the Euro at ₦708.00/₤1.00 and ₦596.00/€1.00, respectively. FMDQ Nigerian Autonomous Foreign Exchange Fixing (NAFEX) appreciated to ₦410.38/$1.00 from ₦411.20/$1.00.

Commodities

Global crude oil prices reversed losses from the previous two sessions, despite concerns of increased supply output to meet a potential revival in demand as more countries recover from the pandemic. Thus, Brent Crude oil price gained ca 0.39% day-on-day to $73.76pb, while WTI rose ca 0.53% to $72.03pb, as at report time. Spot Gold fell ca 0.91% day-on-day to $1,812.20 per ounce as at report time.

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