FIXED INCOME MARKET
Money Markets

Interbank system liquidity opened the week with a credit balance of ca ₦30.57 billion, a slight improvement from Friday’s deficit balance of ca -₦24.36 billion. However, the Overnight Policy Rate (OPR) and Overnight (ON) rates trended higher to settle at 12.00% and 12.50% from 11.25% and 11.75%, respectively on Friday.

Treasury Bills

The NTB secondary market started the week on a tepid note, with trading activities skewed toward the NTB papers situated at the belly of the curve. Despite the relatively calm session, a handful of trades were executed across the NTB curve. Overall, the average rate stayed flat, day-on-day at 4.34%.

Bonds

The FGN bonds secondary market sustained its quiet stance. There were mild interests observed across the curve, but trades executed remain few and far between. Overall, the average yield remained stable, day-on-day at 11.88%.

Eurobonds

The Eurobonds space saw bearish sentiments, with selloff activities seen across the sovereign curve. Consequently, the average yield rose by ca 10bps, day-on-day to 7.43%.

Equities

The domestic bourse started the week on a calm note, albeit with a positive trace. The Nigerian Stock Exchange All Share Index (NGX ASI) gained 0.10% day-on-day to close at 42,394.71pts, while the year-to-date returns extended to +5.27%. Buying interests were observed on Bellwethers like First Bank of Nigeria Holdings Plc (+1.24%), Guaranty Trust Holding Company Plc (+0.78%), Dangote Cement Plc (+0.59%), and Zenith Bank Plc (+0.20%), respectively.

The NSE Oil & Gas Index lost ca 0.41%, while the NSE Industrial Goods, Banking, and Consumer Goods indices gained ca 0.31%, 0.29% and 0.03% day-on-day, respectively.

First Bank of Nigeria Holdings Plc led the volume chart with ca 20.19 million units while Dangote Cement Plc topped the value charts with ca ₦726.27 million worth of trades.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) appreciated to ₦414.80/US$1.00 from ₦415.07/US$1.00, on Friday.

Commodities

Global crude oil prices declined sharply by ca 5% today, as surging cases of the Omicron Coronavirus variant raise the possibility of movement restrictions which could hit fuel demand. Thus, Brent Crude oil price declined ca 5.20% day-on-day to settle at US$69.70pb, while WTI also lost ca 6.24% to US$66.44 as at report time. Spot Gold declined ca 0.52% day-on-day to settle at US$1,795.70 per ounce as at report time.

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