FIXED INCOME MARKET
Money Markets

Interbank system liquidity slightly eased today, opening with a credit balance of ca ₦136.64 billion, lower than the previous day’s opening of ca ₦191.95 billion. Thus, the Open Buy Back (OBB) and Overnight (ON) rates trended higher to 13.00% and 13.50% from 4.75% and 5.25% respectively, the previous day.

Treasury Bills

The NTB secondary market traded slightly bullish, with buy-side interest witnessed on the 27 October NTB paper at ca 6.60% levels, while offers were skewed to the short-dated papers, particularly for the December 2021 to February 2022 maturities. Overall, the average rates dipped ca 4bps, day-on-day at 5.20%.

Bonds

The FGN bonds secondary market traded with a mixed to bearish tone. The number of trades executed across the curve was sparse, as the bids observed on the 2026s, 2027s, 2036s, and 2050s were on average 10bps wide from offers. The 2028s received the most traction at today’s session at 12.20% levels. Nonetheless, the average yield rose ca 3bps, day-on-day at 11.64%.

Eurobonds

The Eurobonds Space sustained its bearish stance, with improved offers seen across the sovereign curve. Overall, the average yield rose by ca 3bps, day-on-day at 6.86%.

Equities

The domestic bourse closed trading activities on a bearish note, as the Nigerian Stock Exchange All Share Index (NSE ASI) lost 0.09% day-on-day to close at 41,975.45pts, while year-to-date returns receded to 4.23%. Profit-taking activities leaned to bellwethers like Zenith Bank Plc (-2.00%) and Guaranty Trust Holding Company Plc (-1.06%), respectively.

The NSE Banking, Industrial Goods, and Oil & Gas indices lost ca 1.03%, 0.17%, and 0.10% respectively, while the NSE Consumer Goods index gained ca 0.09% day-on-day.

First Bank of Nigeria Holdings Plc topped both the volume and value charts with ca 58.61 million units traded at ca ₦614.76 million.

Foreign Exchange

FMDQ Nigerian Autonomous Foreign Exchange Fixing (NAFEX) appreciated to ₦414.80/US$1.00 from ₦415.07/US$1.00, the previous day.

Commodities

Global crude oil prices declined, on the back of printed data from the U.S. Energy Information Administration(EIA), which showed that the United States crude inventories rose by ca 3.6 million barrels for the week ended October 29, and as pressure mounted on OPEC to increase crude production output. Thus, Brent Crude oil price lost ca 2.48% day-on-day to settle at US$82.62pb, while WTI fell by ca 2.91% to US$81.47pb, as at report time. Spot Gold dropped ca 1.54% day-on-day to settle at US$1,761.90 per ounce as at report time.

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