FIXED INCOME MARKET
Interbank system liquidity opened with a balance of ca ₦190.61 billion, higher than previous day’s opening balance of ca ₦91.98 billion as inflows of ca ₦110.00 billion from Open Market Operations (OMO) maturities impacted the system. Thus, the Open Buy Back (OBB) and Overnight (ON) rates trended lower to settle at 5.00% and 5.50% from 10.00% and 10.67% respectively, the previous day.
The NTB secondary market had a subdued trading session today, as investors look to the Primary Market Auction (PMA) to be conducted tomorrow. Mild demand was seen on the September 2022 papers around 6.90%. Overall, average rate remained unchanged at 5.07%.
The FGN bonds secondary was also relatively quiet today. Notable interest was witnessed on the 2036 and 2050 maturities, with bids at 13.00% and 13.20% respectively. Overall, average yield stayed relatively flat day-on-day at 11.35%.
The Eurobonds space sustained its quiet stance today. However, mild offers was seen on the short and long tenored maturities. Overall, the average yield rose by ca 1bp day-on-day to 6.53%.
The domestic bourse ended the day with positive performance as the Nigerian Stock Exchange All Share Index (NSE ASI) gained 0.45% day-on-day to close at 40,896.96pts, while year-to-date returns rose to 1.56%. This performance was largely supported by gains in BUA Cement Plc (+1.79%) and Guaranty Trust Holding Company Plc (+0.71%).
The NSE Banking, Industrial Goods and Consumer Goods indices gained ca 1.00%, 0.51% and 0.06% respectively, while the NSE Oil & Gas index lost ca 0.71%, day-on-day.
First Bank of Nigeria Holdings Plc led both the volume and value charts with ca 317.28 million units traded at ca ₦3.29 billion.
FMDQ Nigerian Autonomous Foreign Exchange Fixing (NAFEX) appreciated to ₦414.30/$1.00 from ₦414.40/$1.00.
Global crude oil prices continued to trend northward today, on reports of significant rebound in global crude oil demand, contributing to energy shortages in large economies such as China, the world’s largest crude oil importer. Thus, Brent Crude oil price gained ca 0.05% day-on-day to settle at US$83.69pb, while WTI also gained ca 0.45% to US$80.88pb, as at report time. Spot Gold gained ca 0.25% day-on-day to settle at US$1,760.20 per ounce as at report time.