FIXED INCOME MARKET

Money Markets                                                                                 

Interbank System liquidity improved significantly today, opening with a balance of ca ₦437.69, better than previous day’s opening deficit of ca -₦105.10 billion. However, the Open Buy Back (OBB) and Overnight (ON) rates trended higher to settle at 15.00% and 15.75% from 9.50% and 10.75% respectively, the previous day.

Treasury Bills                               

The NTB secondary market saw bullish sentiments today, as unmet demand from previous day’s Primary Market Auction filtered into the secondary market. Trades were executed on the August 2022 and September 2022 papers between 6.90% and 7.10%. Thus average yield decreased by ca 7bps day-on-day to settle at 5.11%.  

Bonds  

Activity in the FGN bonds secondary market was mixed today, albeit with a bearish bias, in reaction to the increase in the 364-day T-bill stop rate. The most actively traded papers were the 2036 and 2050 maturities at 12.90% and 13.10% respectively. Overall, the average yield rose by ca 11bps day-on-day to 11.97%.

Eurobonds

The Eurobonds space witnessed some bullish sentiments today, with demand seen on selected maturities across the yield curve. Overall, average yield declined by ca 2bps to 6.16%, day-on-day.

Equities

The Nigerian Equities Market maintained its upward trajectory to end the month in the green, as the Nigerian Stock Exchange All Share Index (NSE ASI) gained 1.59% day-on-day to close at 40,221.17pts, while market year-to-date loss reduced to -0.12%. This was largely due to gains recorded in stocks such as Nigerian Breweries Plc (+1.54%) and Guaranty Trust Holding Company Plc (+0.54%).

The NSE Industrial Goods and Oil and Gas indices gained ca 4.08% and 0.12% respectively, while the NSE Banking and Consumer Goods indices lost ca 0.30% and 0.13% day-on-day.

Transcorp Hotels Plc led both the volume and value charts with ca 763.90 million units and ca ₦2.87 billion worth of trades.

Foreign Exchange

FMDQ Nigerian Autonomous Foreign Exchange Fixing (NAFEX) appreciated to ₦413.38/$1.00 from ₦414.73/$1.00.

Commodities

Global crude oil prices fell further today, as the U.S Energy Information Administration (EIA) reported a rise in U.S stockpiles by 4.6 million barrels. Thus, Brent Crude oil price lost ca 1.20% day-on-day to settle at $77.70pb, while WTI also lost ca 2.07% to $73.29pb, as at report time. Spot Gold gained ca 0.82% day-on-day to settle at $1,737.00 per ounce as at report time.

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