FIXED INCOME MARKET
Interbank system liquidity slipped into a deficit, opening with a balance of ca -₦5.77 billion, lower than yesterday’s balance of ca ₦37.29 billion. Nonetheless, the Overnight Policy Rate (OPR) and Overnight (ON) rates trended lower to settle at 11.00% and 11.50% from 13.25% and 13.50%, due to Retail SMIS refunds.
The NTB secondary market traded on a quiet note today, with tepid activities and few trades executed across board. Overall, average rates remained stable at 4.28%.
The FGN bonds secondary market traded on mixed sentiments, albeit with a bullish dominance, as some market players sought to fill lost bids at yesterday’s bond auction. Most of the trading traction was seen on the auctioned papers – 2026s and 2042s alongside the 2023s and 2045s. Overall, the average yield dipped ca 7bps, day-on-day to 11.36%.
The Eurobonds space sustained a bullish trend, with cherry-picking activities seen across the sovereign curve. Overall, the average yield dipped ca 10bps day-on-day, at 7.65%.
The positive trend in the domestic bourse was sustained today, as the Nigerian Stock Exchange All Share Index (NGX ASI) gained 1.01% day-on-day to settle at 45,890.52pts, while year-to-date return extended to +7.43%. Buy interest was seen in bellwethers like Dangote Cement Plc (+5.52%), Access Bank Plc (+0.51%), Guaranty Trust Holding Company Plc (+0.20%), and Zenith Bank Plc (0.19%), respectively.
The NGX Industrial and Banking indices gained ca 2.72% and 0.36% while the NGX Consumer Goods and Oil & Gas Indices lost ca 0.17% and 0.09%, day-on-day, respectively.
Dangote Cement Plc topped both the volume and value charts with ca 102.92 million units traded at ca ₦28.78 billion.
FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) remained stable at appreciated to ₦416.33/US$1.00.
Global crude oil prices steadied today, on reports of a rise in U.S. crude stockpiles and as investors took profit from the recent price surge. However, sustained demand and concerns about supply outages continue to boost oil prices. Thus, Brent Crude oil price rose ca 0.55% day-on-day to settle at US$88.93pb, while WTI also gained ca 0.18% to US$87.12pb as at report time. Spot Gold dipped ca 0.01% day-on-day to settle at US$1,843.00 per ounce as at report time.