FIXED INCOME MARKET
System liquidity declined today, opening in a deficit of ca ₦105.10 billion, lower than previous day’s opening balance of ca ₦39.15 billion. However, the Open Buy Back (OBB) and Overnight (ON) rates trended lower to settle at 9.50% and 10.75% from 13.00% and 13.75% respectively, the previous day.
The NTB secondary market remained quiet today, as investors focused on the Primary Market Auction conducted today. However some offers were seen on the 13 January 2022, 27 January 2022 and 31 March 2022 maturities.
Activity in the FGN bonds secondary market was mixed today, albeit with a bullish bias, some demand was seen on the 2050 maturity at 13.05% levels while offers were seen on the 2036 maturity at 12.75% levels. Overall, the average yield stayed flat at 11.20% day-on-day.
The Eurobonds space traded bullish today, with demand seen at the mid to long-end of the yield curve. Overall, average yield declined by ca 3bps to 6.18%, day-on-day.
The Nigerian Equities Market closed the day in the green, as the Nigerian Stock Exchange All Share Index (NSE ASI) gained 1.89% day-on-day to close at 39,592.29pts, while market year-to-date loss reduced to -1.68%. This was largely due to gains recorded in stocks such as Zenith Bank Plc (+0.86%) and Guaranty Trust Holding Company Plc (+0.72%).
The NSE Industrial Goods, Consumer Goods and Banking indices gained ca 3.57%, 3.13%, and 0.80% respectively, while the NSE Oil and Gas index lost ca 0.20% day-on-day.
First Bank of Nigeria Holdings Plc led both the volume and value charts with ca 264.69 million units and ca ₦2.05 billion worth of trades.
FMDQ Nigerian Autonomous Foreign Exchange Fixing (NAFEX) depreciated to ₦414.73/$1.00 from ₦414.50/$1.00.
Global crude oil prices dropped today on re-emerging concern of crude oil demand, following reports of increasing new cases of Coronavirus. Thus, Brent Crude oil price lost ca 0.94% day-on-day to settle at $78.41pb, while WTI also lost ca 0.69% to $74.75pb, as at report time. Spot Gold gained ca 0.10% day-on-day to settle at $1,739.30 per ounce as at report time.