FIXED INCOME MARKET
Interbank system liquidity contracted further today, opening in a deficit balance of ca ₦210.19 billion, lower than yesterday’s balance of ca ₦11.94 billion. Thus, the Open Buy Back (OBB) and Overnight (ON) trended higher to 14.80% and 15.25% from 14.50% and 15.15% respectively, the previous day.
The NTB secondary market saw mixed sentiments today, as some market players took profit on their auction winnings, while others filled lost bids at yesterday’s Primary Market Auction. The newly issued 1-yr paper (27 Oct) was the most traded paper today @ 6.70% levels. Overall, the average rate lost ca 5bps, day-on-day at 5.29%.
The FGN bonds secondary market was largely bullish today, with demand seen on the 2035s, 2036s, 2037s, and 2050s, respectively. Overall, the average yield dipped ca 3bps, day-on-day to 11.80%.
Activity in the Eurobond space was mixed today, with sell-side pressure seen at the mid to long end of the yield curve, while some demand was seen on the 2022 maturity. Overall, average yield increas3d by ca 1bp, day-on-day at 6.52%.
With gains recorded in stocks such as Nigerian Breweries Plc (+6.37%) and MTN Nigeria Communications Plc (+0.92%), the Nigerian Stock Exchange All Share Index (NSE ASI) ended the day in the green, as the Nigerian Stock Exchange All Share Index (NSE ASI) gained 0.41% day-on-day to close at 41,961.14pts while market year-to-date returns rose to 4.20%.
The NSE Consumer Goods, Banking, Oil & Gas and Industrial Goods indices gained ca 1.47%, 0.67%, 0.19% and 0.10% respectively, day-on-day.
First Bank of Nigeria Holdings Plc led both the volume and value charts with ca 162.61 million units traded at ca ₦1.87 billion.
FMDQ Nigerian Autonomous Foreign Exchange Fixing (NAFEX) depreciated against the dollar to ₦415.10/US$1.00 from ₦415.07/US$1.00.
Global crude oil prices slipped further today, as the U.S Energy Department reported a rise of 4.3 million barrels in U.S crude inventory, more than double the 1.9 million barrel rise projected. Thus, Brent Crude oil price dropped ca 0.96% day-on-day to settle at US$83.77pb, while WTI declined by ca 0.92% to US$81.84pb, as at report time. Spot Gold gained ca 0.18% day-on-day to settle at US$1,801.50 per ounce as at report time.