FIXED INCOME MARKET
Interbank system liquidity improved further today, opening with a balance of ₦348.89 billion, higher than the previous day’s opening balance of ca ₦250.92 billion. Consequently, the Overnight Policy Rate (OPR) and Overnight (ON) rate trended lower to settle at 4.00% and 4.75% from 4.50% and 5.17%, the previous day.
The NTB secondary market had another quiet outing today, as investors shifted their attention to the Primary Market Auction (PMA) conducted today. Thus, average rate remained unchanged, day-on-day at 3.36%.
The FGN bonds secondary market sustained its mixed to bearish sentiments, with major sell side activity seen on the belly of the curve (2034 to 2037 maturities) at near 12.00% levels. Overall, average yield inched up by 8bps, day-on-day to close at 10.47%.
The Nigerian Eurobonds secondary market sustained its bullish run today, with more buyside activity seen across the yield curve and other SSA sovereign papers. Consequently, the average yield declined by ca 47bps day-on-day, to settle at 7.90%.
The Nigerian Equities market recovered some of previous day’s losses, as the Nigerian Stock Exchange All Share Index (NGX ASI) gained 0.28% day-on-day to settle at 47,287.09pts, while year-to-date return appreciated to +10.70%. This was largely supported by buy-side activities in Bellwethers like First Bank of Nigeria Holdings Plc (+3.14%), Nigerian Breweries Plc (+3.01%) and Nestle Nigeria Plc (+2.87%).
The NGX Consumer Goods and Oil and Gas indices gained ca 2.07% and 0.11% respectively, while the NGX Banking and Industrial Goods indices lost ca 0.04% and 0.01%, day-on-day.
First Bank of Nigeria Holdings Plc led the volume chart with ca 108.61 million units, while Guaranty Trust Holding Company Plc led the value chart with ca ₦1.43 billion worth of trades.