FIXED INCOME MARKET

Money Markets                                                                                

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.

Treasury Bills                               

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%.

Bonds  

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%.

Eurobonds

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%.

Equities

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.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) depreciated to ₦416.50/US$1.00 from ₦416.33/US$1.00, the previous day.

Commodities

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.

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