FIXED INCOME MARKET

Money Markets                                                                                

Interbank system liquidity decreased today, opening with a deficit balance of ₦141.90 billion,  lower than the previous day’s opening balance of ca ₦92.97 billion. Consequently, the Overnight Policy Rate (OPR) and Overnight (ON) rates trended higher to settle at 14.75% and 15.00% from 12.67% and 13.17% respectively, the previous day.

Treasury Bills                                                                  

The NTB secondary market sustained its quiet stance to close the week. Some interest was seen on the April and May CBN Special Bills at 2.50% and 3.00% levels respectively. Overall, average rate remained relatively flat, day-on-day at 3.59%.

Bonds  

The FGN bonds secondary market reflected a mixed to bullish theme, with most traction seen on the 2028, 2036, 2037 and 2042 maturities at 10.40%, 12.28%,12.45% and 12.85% levels respectively. Overall, average rate remained unchanged, day-on-day at 10.96%.

Eurobonds

Renewed buying interest dominated the SSAs sovereign curves amid real money demand and short sellers covering their exposures following yesterday’s excessive sell-offs in reaction the escalating tensions between Russia & Ukraine. The Nigerian Eurobonds  declined significantly by c.56bps on average across the curve day-on-day to settle at 7.50%.

Equities

The domestic bourse continued to trend upwards, as the Nigerian Stock Exchange All Share Index (NGX ASI) gained 0.12% day-on-day to settle at 47,328.42pts, while year-to-date return increased to +10.80%. This was largely supported by demand in stocks like MTN Nigeria Communications Plc (+0.50%) and First Bank of Nigeria Holdings Plc (+0.43%).

The NGX Banking and Consumer Goods indices gained ca 0.25% and 0.15% respectively, the NGX Industrial index lost ca 0.02%, while the NGX Oil and Gas index remained stable, day-on-day.

First City Monument Bank Plc led the volume chart with ca 50.12 million units, while MTN Nigeria Communications Plc led the value chart with ca ₦434.87 million worth of trades.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦416.00/US$1.00 from ₦416.25/US$1.00, the previous day.

Commodities

Global crude oil prices declined today, on rising fears of a potential global supply disruption, due to U.S sanctions on the world’s second largest crude oil exporter, Russia. Thus, Brent Crude oil price lost ca 1.91% day-on-day to settle at US$97.20pb, while WTI also lost ca 1.20% to US$91.71pb as at report time. Spot Gold lost by ca 1.81% day-on-day to settle at US$1,891.80 per ounce as at report time.

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