FIXED INCOME MARKET
Interbank system liquidity opened with a balance of ₦30.15 billion, significantly lower than Friday’s opening balance of ca ₦629.72 billion, due to the retail FX auction and CRR debits. However, the Overnight Policy Rate (OPR) and Overnight (ON) rates trended lower to 12.00% and 12.25% from Friday’s 13.00% and 13.25% respectively.
The NTB secondary market opened the week on a quiet note, albeit with some bullish sentiments. Major interest was seen on the 04 April CBN special bill and 25 August NTB at 4.50% and 5.10% respectively. Thus, the average rate remained unchanged day-on-day, closing at 4.27%.
The FGN bonds secondary market saw some activity today, with major interest seen on the 2026, 2036, 2037 and 2042 maturities. However, volumes executed remained modest due to wide bid-offer spreads. Overall, the average yield inched up by 2bps day-on-day, at 11.63%.
The Nigerian Eurobonds market was largely bearish, with sustained selloff activity seen across board. Overall, the average yield rose by ca 6bps day-on-day to 7.25%.
The domestic bourse closed trading activities in the red for the second consecutive day, with the Nigerian Stock Exchange All Share Index (NGX ASI) losing 0.11% day-on-day to settle at 47,203.39pts, while year-to-date return trimmed to +10.50%. This performance was largely supported by sell pressures on stocks such as First Bank of Nigeria Holdings Plc (-0.90%), Guaranty Trust Holding Company Plc (-0.55%) and Seplat Petroleum Development Company Plc (-0.46%).
The NGX Banking index gained ca 1.14%, NGX Oil and Gas and Consumer Goods indices shed ca 1.48% and 0.43% respectively, while the NGX Industrial index closed flat, day-on-day.
Guaranty Trust Holding Company Plc topped both the volume chart and value charts with ca 44.93 million units traded at ca ₦1.23 billion.
FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) depreciated to ₦416.50/US$1.00 from ₦416.33/US$1.00, the previous day.
Global crude Oil prices declined today, despite sustained expectation that global supply would remain tight as demand picks-up. Brent Crude oil price lost ca 0.29% day-on-day to settle at US$92.98pb, while WTI also fell by ca 0.76% to US$91.62pb as at report time. Spot Gold gained ca 0.51% day-on-day to settle at US$1,817.30 per ounce as at report time.