FIXED INCOME MARKET
Money Markets

Interbank system liquidity opened with a credit balance of ca ₦299.98 billion, an increase from yesterday’s balance of ca ₦271.40 billion. However, the Overnight Policy Rate (OPR) and Overnight (ON) rates trended higher to settle at 8.67% and 9.17% from 4.50% and 5.00%, respectively.

Treasury Bills

The NTB market closed the week on a calm note, with minimal activity seen across the curve. Thus, the average rate stayed relatively flat, day-on-day to settle at 3.55%.

Bonds

Activity in the FGN bonds market was mixed ahead of Monday’s FGN bond auction. There was demand for 2026s, 2027s, 2029s, 2049s and 2050s, while offers were predominantly seen on 2032s and 2042s. Overall, the average rate stayed stable, day-on-day to settle at 11.55%.

Eurobonds

Today’s Eurobond session saw notable gains in Nigeria, Ghana, and Angola, as risk-on sentiments were buoyed after Federal Reserve Chair Jerome Powell pushed back against expectations of steeper interest-rate hikes. Overall, the average yield settled at 11.83%.

Equities

The positive performance of the domestic bourse was sustained, as the Nigerian Stock Exchange All Share Index (NGX ASI) gained 0.34% day-on-day to close at 53,100.21pts, while year-to-date returns extended to +24.31%. Bargain hunting was observed on stocks such as Seplat Energy Plc (+8.33%), Zenith Bank Plc (+2.08%), and Guaranty Trust Holding Company Plc (+1.27%), respectively.

The NGX Oil & Gas and Banking index gained ca 4.84% and 1.22% while the NGX Consumer Goods and Industrial indices lost ca 0.46% and 0.07% day-on-day, respectively.

Transnational Corporation Plc led the volume chart with ca 37.93 million units while Lafarge Africa Plc topped the value charts with ca ₦475.19 million worth of trades.

Foreign Exchange

FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate remained stable at ₦419.00/US$1.00.

Commodities

Global oil prices held gains today, as concerns about inflation and China’s COVID lockdowns stalled global economy, offsetting worries about Russia’s declining fuel supplies. Brent Crude Oil price rose ca 3.61% day-on-day to settle at US$111.33pb, while WTI also gained ca 4.02% day-on-day to settle at US$110.40pb as at report time. Spot Gold dipped ca 0.75% day-on-day to close at US$1,810.80 per ounce as at report time.

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