FIXED INCOME MARKET

Money Markets                                                                                

Interbank system liquidity opened with a balance of ₦386.77 billion, higher than the previous day’s opening balance of ca ₦318.53 billion. However, the Overnight Policy Rate (OPR) and Overnight (ON) rates remained unchanged at 1.50% and 1.85% respectively.

Treasury Bills                                                                  

Activity in the NTB secondary market was subdued today, as investors shifted attention to the Primary Market Auction (PMA) conducted today. Mild demand was seen on the short to mid-end of the yield curve. Overall, the average rate fell by ca 2bps day-on-day at 4.27%.

Bonds  

The FGN bonds secondary market maintained its bullish stance, as investors continue to take position ahead of the January 2022 bond maturity. The most demand was seen on the 2026, 2028, 2036 2037, 2042 and 2050 maturities, thus causing average yield to reduce by ca 11bps day-on-day. 

Eurobonds

The Eurobonds space was largely bullish today, with buy-side activity witnessed across the yield curve on SSA (NIGERIAs, GHANAs and ANGOLAs) securities Overall, the average yield dipped ca 25bps day-on-day on the Nigerian sovereigns, to settle at 7.27%.

Equities

The domestic bourse ended the day with positive performance, as the Nigerian Stock Exchange All Share Index (NGX ASI) gained 1.29% day-on-day to settle at 46,529.99pts, while year-to-date return rose to +8.93%. This performance was largely due to price appreciation in Airtel Africa Plc (+10.00%) and Nigerian Breweries Plc (+0.11%).

The NGX Banking index gained ca 1.32%, while the NGX Industrial Goods, Oil and Gas and Consumer Goods indices shed ca 1.89%, 0.59% and 0.39% respectively, day-on-day.

Multiverse Mining & Exploration Plc led the volume chart with ca 57.60 million units while MTN Nigeria Communications Plc topped the value charts with ca ₦995.27 million worth of trades.

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