FIXED INCOME MARKET
Money Markets
Interbank system liquidity improved significantly, opening with a balance of ₦250.92 billion, higher than the previous day’s opening balance of ca ₦81.54 billion, as inflows of ca ₦106.22 billion impacted the system from Open Market Operations (OMO) maturities. Consequently, the Overnight Policy Rate (OPR) and Overnight (ON) rate trended lower to settle at 4.50% and 5.17% from 8.83% and 9.50%, the previous day.
Treasury Bills
The NTB secondary market sustained its quiet sentiment, with little to no trade executed across the curve. Overall, average rate remained unchanged, day-on-day at 3.36%.
Bonds
Mixed to bearish sentiments dominated the FGN Bonds secondary market, with major interest seen on 36s, 37s, and 42s, as sellers outweighed buyside interest. Overall, average yield rose by 8bps, day-on-day from yesterday’s close.
Eurobonds
The SSA Sovereign Eurobond curves witnessed a reversal from the recent bearish trend, as the fear of missing out (“FOMO”) and inflows from real money players drove a bullish theme. Consequently, the average yield on the NGERIA eurobonds declined by ca 26bps day-on-day, to settle at 8.38%.
Equities
The Nigerian Equities market continued to trend downwards, with the Nigerian Stock Exchange All Share Index (NGX ASI) losing 0.23% day-on-day to settle at 47,154.35pts, while year-to-date return dropped to +10.39%.
This was largely characterized by sell-offs in Bellwethers like Nigerian Breweries Plc (-3.13%), Nestle Nigeria Plc (-2.79%) and Zenith Bank Plc (-0.19%).
The NGX Consumer Goods, Oil and Gas, Industrial Goods and Banking indices lost ca 2.15%, 0.77%, 0.12% and 0.06% respectively, day-on-day.
Unity Bank Plc led the volume chart with ca 525.28 million units, while Guaranty Trust Holding Company Plc led the value chart with ca ₦766.26 million worth of trades.
Foreign Exchange
FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated to ₦416.00/US$1.00 from ₦416.50/US$1.00, the previous day.
Commodities
Global crude oil prices rose further, on reports that the U.S mulled over moving alone to ban Russian Oil imports rather than coordinating with European allies, thereby alleviating fears of a wider supply disruption. Thus, Brent Crude Oil price gained ca 7.04% day-on-day to settle at US$131.98pb, while WTI also gained ca 7.08% to US$127.79pb as at report time. Spot Gold gained ca 2.73% day-on-day to settle at US$2,051.20 per ounce as at report time.