FIXED INCOME MARKET
Banking system liquidity opened the first day of the week, with a balance of ca ₦35.67 billion lower than Friday’s opening of ca ₦316.19 billion. Nonetheless, the Open Buy Back (OBB) and Overnight (ON) rates trended lower to settle at 14.50% and 15.25% from 16.50% and 17.75% respectively, the previous day.
The NTB market started the week on a quiet note, albeit with pockets of trades executed on the September 2022 papers and CBN’s special bills at c.6.80% and 5.90%, respectively. Overall, average rates remained stable, day-on-day.
The FGN bonds secondary market traded on a muted note, with very few trades executed on the 2036s and 2050s at c.12.65% and 12.80%, respectively. Overall, average yields remained unchanged due to weak traded volumes.
The Eurobonds space saw bearish sentiments at the start of the week, with selloff activity observed across the yield curve. Consequently, average yield rose by ca 10bps, day-on-day.
The domestic bourse closed the first trading day of the week in the red, with selloffs recorded in stocks such as Guaranty Trust Holding Company Plc (-2.50%) and Zenith Bank Plc (-1.26%). The Nigerian Stock Exchange All Share Index (NSE ASI) lost c. 0.10% day-on-day to close at 38,906.42pts, while year-to-date loss expanded to -3.39%.
The NSE Industrial Goods and Oil & Gas indices gained ca 0.13% and 0.08%, while the NSE Banking and Consumer Goods indices fell ca 0.27% and 0.16% day-on-day, respectively.
Ekocorp Plc led the volume chart with ca 40.00 million units while MTN Nigeria Communications Plc led the value chart with ca ₦752.67 million worth of trades.
FMDQ Nigerian Autonomous Foreign Exchange Fixing (NAFEX) depreciated to ₦413.68/$1.00 from ₦412.88/$1.00.
Global crude prices slightly dropped today, drawing support from reports that some U.S. Gulf output will stay offline due to the storm damage. Thus, Brent Crude oil price lost ca 1.15% day-on-day to settle at $74.47pb, while WTI also lost ca 1.47% to $70.91pb, as at report time. Spot Gold gained ca 0.59% day-on-day to settle at $1,761.70 per ounce as at report time.