FINANCIAL MARKETS TODAY – 25 November 2021

FIXED INCOME MARKET

Money Markets                                                                                

Interbank system liquidity improved today, opening with a balance of ca ₦76.66 billion, better than the previous day’s opening deficit of ca ₦51.81 billion. Thus, the Open Buy Back (OBB) and Overnight (ON) rates trended lower to 2.33% and 3.00% from 8.67% and 9.50% respectively, the previous day.

Treasury Bills                                                                  

The NTB secondary market traded bullish today, as market players sought to fill lost bids at yesterday’s auction. The newly issued 1-year paper, alongside the surrounding tenors, traded at ca 5.60%. Overall, average rate stayed relatively flat at 4.86%.

Bonds  

The FGN bonds secondary market was quiet today, however offers were seen on the 2028, 2036 and 2050 maturities at 12.40%, 12,90% and 13.29% respectively. Overall, the average yield stayed unchanged, day-on-day at 11.42%.

Eurobonds

Activity in the Eurobonds space was subdued today. Overall, average yield remained unchanged, day-on-day at 7.35%.

Equities

The Nigerian Equities market ended the day with a negative performance, as the Nigerian Stock Exchange All Share Index (NGX ASI) lost 0.32% day-on-day to close at 43,108.77pts, while year-to-date performance fell to +7.05%. This was largely due to losses in stocks such as Nigerian Breweries Plc (-5.14%) and Seplat Petroleum Development Company (-3.63%).

The NSE Oil and Gas, Banking, Consumer Goods and Industrial Goods indices lost ca 1.64%, 1.16%, 1.06% and 0.01% respectively, day-on-day.

Honeywell Flour Mills Plc led the volume chart with ca 52.47 million units while Seplat Petroleum Development Company Plc topped the value chart with ca ₦1.18 billion worth of trades.

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