FIXED INCOME MARKET
Interbank system liquidity remained buoyant, with a balance of ₦512.33 billion, up from yesterday’s position of ca ₦467.99 billion. As a result, the Overnight Policy Rate (OPR) and Overnight (ON) rates fell to 0.75% and 1.00%, respectively, from 1.00% and 1.25%.
The NTB secondary market witnessed another calm session, albeit with a bullish undertone. The CBN Special bills and April to July NTBs drew the most attention, with bids hovering around 5.00% levels. However, the average rate stayed unchanged amid weak traded volume.
The FGN bonds secondary market traded sideways today, with buy interest seen on 2036s and 2037s while improved offers was witnessed on the 2026s, 2035s, 2049s, and 2050s, respectively. Overall, the average yield inched up by 4bps day-on-day, at 11.62%.
The Nigerian Eurobonds traded bearish, with sell action seen across board. Overall, the average yield rose by ca 7bps day-on-day at 7.07%.
The domestic bourse erased the previous day’s losses, as the Nigerian Stock Exchange All Share Index (NGX ASI) gained 0.85% day-on-day to settle at 47,329.80pts, while year-to-date return extended to +10.80%. Buy interest was observed on stocks like Dangote Cement Plc (+5.45%) and Flourmills Nigeria Plc (+1.55%), respectively.
The NGX Industrial and Oil and Gas indices gained ca 2.68% and 1.43% while NGX Banking and Consumer Goods indices lost ca 0.51% and 0.18% day-on-day, respectively.
Fidelity Bank Plc led the volume chart with ca 55.94 million units while Guaranty Trust Holding Company Plc topped the value charts with ca ₦584.96 million worth of trades.
FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) appreciated to ₦416.07/US$1.00 from ₦416.25/US$1.00, the previous day.
Oil prices fell on Thursday because of weak U.S. payrolls statistics and some profit-taking but remained supported by tight supply even as OPEC+ countries confirmed planned output increases. Brent Crude oil price lost ca 0.82% day-on-day to settle at US$88.74pb, while WTI also dipped by ca 0.92% to US$87.45pb as at report time. Spot Gold lost ca 1.08% day-on-day to settle at US$1,790.30 per ounce as at report time.