FIXED INCOME MARKET
Money Markets
Interbank system liquidity opened in a deficit of ca ₦16.31 billion, lower than yesterday’s opening balance of ca ₦101.54 billion. Thus, the Open Buy Back (OBB) and Overnight (ON) rates trended higher to settle at 13.50% and 14.00% from 7.50% and 7.75% respectively, the previous day.
Treasury Bills
The NTB secondary market maintained a bullish theme, with demand seen at the long end of the curve, particularly for the September 2022 papers between 6.65% and 6.70% levels, respectively. Thus, the average rates fell by ca 8bps, day-on-day to 4.90%.
Bonds
The FGN bonds secondary market traded bullish as well, with most trading activity skewed to the 2026s, 2027s 2028s, 2035s, 2036s, 2037s, and 2050s as investors continue to hunt for maturities with attractive yields. Overall, the average yield dipped ca 6 bps, day-on-day, to settle at 11.74%.
Eurobonds
An active trading session was observed in the Eurobonds space, with demand seen for the FGN sovereign papers across the yield curve. Consequently, the average yield dipped by ca 8bps to 6.41%, day-on-day.
Equities
The domestic bourse closed the day in the green, as the Nigerian Stock Exchange All Share Index (NSE ASI) gained 0.16% day-on-day to close at 40,829.15pts, while year-to-date returns extended to 1.39%. Investors sentiment remained positive towards stocks such as FBN Holdings Plc(+3.09%), Access Bank Plc (+1.08%), and Zenith Bank Plc (+0.42%), respectively.
The NSE Banking, Industrial Goods and Consumer Goods indices gained ca 0.70%, 0.08%, and 0.06% day-on-day, respectively. The NSE Oil & Gas index closed flat.
FBN Holdings Plc led both the volume and value charts with ca 605.01 million units traded at ca ₦8.90 billion.
Foreign Exchange
FMDQ Nigerian Autonomous Foreign Exchange Fixing (NAFEX) appreciated to ₦414.67/$1.00 from ₦414.73/$1.00.
Commodities
Global crude oil prices steadied today, on reports of the United States’ intention to tap into the country’s Strategic Petroleum Reserve (SPR) to cool a surge in gasoline prices. Thus, Brent Crude oil price gained ca 0.93% day-on-day to settle at $81.83pb, while WTI also gained ca 0.87% to $78.10pb, as at report time. Spot Gold lost ca 0.15% day-on-day to settle at $1,759.20 per ounce as at report time.