FIXED INCOME MARKET
Interbank system liquidity slipped into a deficit with an open balance of ca -₦1.25 billion, lower than yesterday’s opening balance of ca ₦55.20 billion. Thus, the Overnight Policy Rate (OPR) and Overnight (ON) rates trended higher to settle at 14.00% and 14.25% from 9.50% and 10.00%, respectively the previous day.
The NTB secondary market sustained its quiet stance, albeit with a bullish trace, as buying interest was witnessed mostly on the long-dated maturities. Overall, the average rate dipped by 2bps, day-on-day, to 4.33%.
Trading in the FGN bonds secondary market was mixed to slightly bearish today, with very few trades executed across the board and traction observed predominantly on the 2034s and 2037s, respectively. Overall, the average yield remained flat, day-on-day at 11.88%.
The Eurobonds space was dominated with mixed sentiments, albeit with a bullish undertone. Consequently, the average yield dipped by ca 1bp, day-on-day, to 7.44%.
The domestic bourse closed the day in the red, as the Nigerian Stock Exchange All Share Index (NGX ASI) lost 0.34% day-on-day to close at 42,244.22 points, while the year-to-date returns were trimmed to +4.90%. Profit-taking activities leaned towards stocks like First Bank of Nigeria Holdings Plc (-1.64%), MTN Nigeria Communications Plc (-1.34%), United Bank for Africa Plc (-1.26%), and Zenith Bank Plc (-1.01%), respectively
The NSE Oil & Gas and Banking Indices lost ca 0.45% and 0.43%, The NSE Consumer Goods Index gained ca 0.58%, while the NSE Banking, Oil & Gas, and Industrial indices lost ca 1.00%, 0.75% and 0.21% day-on-day, respectively.
UACN Plc topped both the volume and value charts with ca 77.37 million units traded at ca ₦696.47 million..
FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) remained stable at ₦415.10/US$1.00.
Global crude oil prices sustained a steady recovery as the coronavirus concerns were offset by a weaker greenback and as some governments resisted imposing lockdowns while renewing their vaccination push. Thus, Brent Crude oil price rose ca 0.49% day-on-day to settle at US$74.34pb, while WTI also gained ca 0.66% to US$71.59 as at report time. Spot Gold gained ca 0.24% day-on-day to settle at US$1,793.00 per ounce as at report time.