FIXED INCOME MARKET
Money Markets
Interbank system liquidity opened the week with a credit balance of ca ₦55.56 billion, lower than the Friday’s opening balance of ca ₦118.91 billion. Nonetheless, the Open Buy Back (OBB) and Overnight (ON) rates trended significantly lower to settle at 15.00% and 15.50% from 19.50% and 20.00% respectively, on Friday.
Treasury Bills
The NTB secondary market started the week with tepid activity seen across the curve. There was mild interest on the 13 October NTB paper, but trades executed remain few and far between. Overall, average rate remained flat, day-on-day at 5.02%.
Bonds
The FGN bonds secondary market sustained its quiet stance, as market players remain cautious ahead of October’s bond auction scheduled for this week. However, very few trades were executed on selected maturities – 2035s, 2036s, 2049s, and 2050s, respectively. Overall, the average yield remained stable day-on-day at 11.72%.
Eurobonds
The Eurobonds space saw bearish sentiments at the start of the week, with minimal activities seen across the sovereign yield curve. Consequently, average yield rose by ca 1bp, day-on-day at 6.42%.
Equities
The domestic bourse ended trading activities on a bearish note, with market’s year-to-date returns currently positioned at ca +2.17%. The Nigerian Stock Exchange All Share Index (NSE ASI) lost 0.71% day-on-day, to close at 41,144.67pts with profit taking activities observed on bellwether stocks such as First Bank of Nigeria Holdings Plc (-7.48%), Nestle Nigeria Plc (-5.07%) and MTN Nigeria Communications Plc (-2.86%).
The NSE Banking and Industrial Goods indices gained ca 0.43% and 0.34%, while the NSE Consumer Goods and Oil & Gas indices lost ca 2.53% and 0.31% day-on-day, respectively.
First Bank of Nigeria Holdings Plc led both the volume and value charts with ca 67.61 million units traded at ca ₦832.80 million.
Foreign Exchange
FMDQ Nigerian Autonomous Foreign Exchange Fixing (NAFEX) appreciated to ₦414.73/$1.00 from ₦415.07/$1.00.
Commodities
Global crude oil prices steadied, mainly driven by increased demand from power generators switching from expensive gas and coal to fuel oil and diesel. Nonetheless, Brent Crude oil price lost ca 0.16% day-on-day to settle at US$84.72pb, while WTI gained ca 0.29% to US$82.46pb, as at report time. Spot Gold gained ca 0.03% day-on-day to settle at US$1,768.80 per ounce as at report time.