FIXED INCOME MARKET
Interbank system liquidity opened lower at ₦195.31 billion, compared to Friday’s opening balance of ca ₦329.34 billion. Nonetheless, the Overnight Policy Rate (OPR) and Overnight (ON) rates fell to 3.00% and 3.25% from 3.33% and 4.00% respectively, amid no significant funding need.
The NTB secondary market started the week with tepid activity seen across board, with pockets of trade deals executed on the January and February 2023 NTB papers at ca. 5.15% levels. Overall, the average rate remained stable day-on-day, closing at 4.33%.
The FGN bonds secondary market started the week on a relatively calm note, as market players take positions ahead of the auction scheduled for Wednesday. There was notable interest in the 2026s and 2036s at 11.25% and 12.75% levels, but trades executed remained few and far between. Overall, the average yield stayed flat day-on-day, to settle at 11.47%.
The Nigerian Eurobonds market sustained its bearish sentiments, with continued selloffs seen on select maturities across the sovereign curve. Overall, the average yield rose by ca 5bps day-on-day to 6.85%.
The domestic bourse saw renewed sell pressures across bellwethers like Airtel Africa Plc (-1.65%), Access Bank Plc (-0.95%), and Guaranty Trust Holding Company Plc (-0.75%), respectively. The Nigerian Stock Exchange All Share Index (NGX ASI) lost 0.29% day-on-day to settle at 47,066.77pts, while year-to-date return trimmed to +10.18%.
The NGX Consumer Goods and Banking indices were up ca 1.14% and 0.04% respectively, while the NGX Oil and Gas and Industrial indices lost ca 0.24% and 0.07% day-on-day.
Fidelity Bank Plc led the volume chart with ca 35.82 million units while MTN Nigeria Communications Plc topped the value chart with ca ₦1.67 billion worth of trades.
FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) depreciated to ₦416.67/US$1.00 from ₦416.00/US$1.00, on Friday.
Global crude Oil prices steadied today after reaching a seven-year high, as Ukraine hinted at possible concessions to Russia that may reduce tensions. Thus, Brent Crude oil price gained ca 0.23% day-on-day to settle at US$94.66pb, while WTI also rose by ca 0.63% to US$93.71pb as at report time. Spot Gold gained ca 1.45% day-on-day to settle at US$1,868.90 per ounce as at report time.