FIXED INCOME MARKET
Money Markets
Interbank system liquidity opened with a deficit balance of ₦35.71 billion, lower than the previous day’s balance of ca -₦4.99 billion. Thus, the Overnight Policy Rate (OPR) trended higher to 14.00% from 13.75% recorded in the previous session, while the Overnight Rate (O/N) remained unchanged at 14.00%.
Treasury Bills
The NTB secondary market reflected a bearish theme today, with selling interests observed on the long end of the curve, particularly June 2023 NTB papers. Overall, the average rates inched up by ca. 11bps, day-on-day, to 5.03%.
Bonds
The FGN bonds secondary market traded mixed sentiments, with mild buying interest observed on 2025s, 2035s, and 2042s, while the 2032s saw improved offers. Overall, the average yield inched up marginally by 3bps day-on-day to settle at 11.52%.
Eurobonds
The Eurobond space endured a quiet theme, albeit there were few selling interest observed on major SSA and other African sovereign Eurobonds. Overall, the average yield across the Nigerian sovereign curve settled at 12.25%.
Equities
The domestic equities market reversed some of the previous day’s gains to close the day in the red, as the Nigerian Stock Exchange All Share Index (NGX ASI) lost 0.31% day-on-day to close at 51,803.98pts, while year-to-date returns reduced to +21.27%. Sell action was seen on bellwethers like MTN Nigeria Communications Plc (-2.04%), Access Holdings Plc (-1.60%), and Guaranty Trust Holding Company Plc (-0.72%), and Zenith Bank Plc (-0.23%), respectively.
The NGX Consumer Goods index gained ca 0.29% while the NGX Oil & Gas, Industrial, and Banking indices lost ca 0.47%, 0.03%, and 0.02% day-on-day, respectively.
Livingtrust Mortgage Bank Plc topped the volume chart with ca 100.00 million units, while MTN Nigeria Communications Plc led the value chart with ca 9.87 billion worth of trades.
Foreign Exchange
FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦421.50/US$1.00 from ₦421.00/US$1.00, recorded the previous day.
Commodities
Global crude oil prices rose further today, as just two significant producers and members of the Organization of Petroleum Exporting Countries (OPEC) likely possess the spare capacity to cover for lost Russian supply and weak output from other members. Brent Crude Oil price gained ca 1.71% day-on-day to settle at US$117.06pb, while WTI also grew ca 1.09% day-on-day to settle at US$110.76pb as at report time. Spot Gold dipped ca 0.15% day-on-day to close at US$1,822.00 per ounce as at report time.
