FIXED INCOME MARKET

Money Markets                                                                                 

Interbank system liquidity improved significantly, opening with a balance of ₦278.29 billion, higher than previous day’s opening balance of ca ₦30.15 billion, as inflows of ca ₦139.14 billion from OMO maturities impacted the system. Consequently, the Overnight Policy Rate (OPR) and Overnight (ON) rates trended lower to 5.00% and 5.25% from previous day’s 12.00% and 12.25% respectively.

Treasury Bills    

Activity in the NTB secondary market was subdued today, as investors stayed cautious ahead of the Primary Market Auction (PMA) scheduled for tomorrow. However, some interest was seen on the CBN special bill and August NTB at 4.50% levels.  Thus, the average rate remained unchanged day-on-day, closing at 4.42%.

Bonds  

The FGN bonds secondary market witnessed mixed sentiments, with major interest seen on the 2026, 2027, 2036, 2037 and 2050 maturities. However, volumes executed remained modest due to wide bid-offer spreads. Overall, the average yield remained stable day-on-day, at 11.52%.

Eurobonds

The Nigerian Eurobonds market was largely bearish, with sustained selloff activity seen across board. Overall, the average yield rose by ca 4bps day-on-day to 7.12%.

Equities

The domestic bourse continued to trend southward for the third consecutive day, with the Nigerian Stock Exchange All Share Index (NGX ASI) losing 0.31% day-on-day to settle at 47,057.24pts, while year-to-date return trimmed to +10.16%. This performance was largely due to sell pressures on stocks such as MTN Nigeria Communications Plc (-1.01%) and Guaranty Trust Holding Company Plc (-0.37%).

The NGX Banking and Industrial indices was down ca 0.17% and 0.01% respectively, while the NGX Oil and Gas and Consumer Goods indices gained ca 0.89% and 0.04%, day-on-day.

Guaranty Trust Holding Company Plc topped both the volume chart and value charts with ca 32.35 million units traded at ca ₦887.62 million.

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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