FIXED INCOME MARKET
Money Markets
Interbank system liquidity opened c.₦ 463.39billion long, significantly higher than yesterday’s opening figure of ₦135.87 billion. Thus, the Overnight Policy Rate (OPR) and Overnight (ON) rate declined to 6.33% and 7.00% respectively from 9.67% and 10.33% recorded at yesterday’s session
Treasury Bills
The NTB secondary market had a quiet session, with mild activity seen on CBN’s 8 Aug 2022 Special Bill. Consequently, average rate was relatively unchanged at 3.80%..
Bonds
The FGN Bonds secondary market traded on an upbeat note, as buying interest dominated the short to mid dated papers (2025s, 2026s, 2027s, 2035s and 2036s), albeit little interest was seen on the long end of the curve. Overall, average yield dipped by c.11bps, closing at 11.62%, with 2026s and 2027s recording the most action
Eurobonds
Today’s Eurobond market session experienced another risk-off tone ahead of OPEC+ meeting, as members explore suspending Russia from its oil production deal. The Nigeria, Ghana, Angola and Egypt markets all witnessed some sell pressures, with average yield settling at 11.39%.
Equities
The downtrend in the domestic bourse lingered into todays sessions as investors continued to take profit, dragging the benchmark index 0.03% day-on-day to close at 52,974.15pts. Sell side activity in OKOMU (-10.00%) and FBNH (-4.62) were the major drags to performance while YTD return trimmed to 24.01%
The NGX Consumer Goods Index gained c.0.09% while the NGX Banking and Oil & Gas lost 0.30% and 0.20% respectively. The NGX Industrial Goods Index closed flat day-on-day. TRANSCORP led the volume chart with ca 121.84 million units while Airtel Africa topped the value charts with ca ₦ 573.23 million worth of trades
Foreign Exchange
FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate appreciated in value to ₦419.00/US$1.00 from ₦419.50/US$1.00, recorded the previous day.
Commodities
Global crude oil prices firmed on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its Covid-19 lockdown in Shanghai. Brent Crude Oil price gained ca 1.76% day-on-day to settle at US$117.64pb, while WTI also rose c.1.80% day-on-day to settle at US$116.69pb as at report time. Spot Gold continued to decline by c.0.15% day-on-day to close at US$1,839.90per ounce as at report time