FIXED INCOME MARKET

Money Markets                                                                                

Interbank system liquidity opened lower at ₦329.34 billion, compared to yesterday’s opening balance of ca ₦463.91 billion. Thus, the Overnight Policy Rate (OPR) and Overnight (ON) rates trended higher to 3.33% and 4.00% from previous day’s 1.17% and 1.50% respectively.

Treasury Bills                                                                  

The NTB secondary market closed the week on a relatively bullish note, with demand seen on the 26 Jan and 9 Feb NTB papers, as well as long dated OMO bills. Overall, average rate reduced marginally by 1bp day-on-day, closing at 4.42%.

Bonds  

The FGN bonds secondary market traded with bullish sentiments, as demand was seen on the 2026, 2027, 2036 and 2037 maturities at 11.25%, 11.60%, 12.75% and 12.85% respectively. Thus, average rate fell by 3bps across the curve day-on-day, to settle at 11.51%.

Eurobonds

The Nigerian Eurobonds market traded bearish today, with sell-side activity seen across the yield curve. Overall, the average yield rose by ca 12bps day-on-day to 7.76%.

Equities

The domestic bourse returned some of previous day’s gains to close the week in the red, as the Nigerian Stock Exchange All Share Index (NGX ASI) lost 0.18% day-on-day to settle at 47,202.30pts, while year-to-date return reduced to +10.50%. This performance was largely due to sell-offs on stocks such as Seplat Petroleum Development Company Plc (-1.85%), Zenith Bank Plc (-1.82%) and Nigerian Breweries Plc (-0.10%).

The NGX Consumer Goods and Industrial Goods indices were up ca 0.10% and 0.03% respectively, while the NGX Oil and Gas and Banking indices lost ca 0.99% and 0.95% day-on-day.

Access Bank Plc led the volume chart with ca 30.81 million units while Seplat Petroleum Development Company Plc topped the value chart with ca ₦603.86 million worth of trades.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) appreciated to ₦416.00/US$1.00 from ₦416.67/US$1.00, the previous day.                                                                               

Commodities

Global crude Oil prices extended gains, as the Energy Information Administration (EIA) reported that the global crude oil market is tight, thereby re-iterating the rise in global crude oil demand.  Thus, Brent Crude oil price gained ca 1.04% day-on-day to settle at US$92.35pb, while WTI also gained by ca 1.20% to US$90.96pb as at report time. Spot Gold lost ca 0.30% day-on-day to settle at US$1,831.90 per ounce as at report time.

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