FIXED INCOME MARKET
Interbank system liquidity opened with a deficit balance of ₦272.60 billion, significantly lower than previous day’s balance of ca ₦35.71 billion short. With no record of significant inflows, the Open Buy Back (OBB) and Overnight (ON) rates stayed elevated at 14.00% levels.
The NTB market witnessed a calm session, as attention shifted to the NTB auction scheduled today, where c.₦174bn was offered across the usual tenors. Overall, the average rate stayed relatively flat, day-on-day, to 5.17%.
The FGN bonds secondary market also reflected a quiet session, albeit with mild interest recorded in 2025s and 2042s at 10.10% and 13.08% levels, respectively. Overall, the average yield dipped by 5bps day-on-day to settle at 11.52%.
Nigeria, Ghana, Angola, and other African sovereign Eurobonds repriced lower at today’s session, as lower equities opening and reports of the U.S. economy contracting by – 1.6% (vs Est. – 1.5%), sustained the risk-off tone. Overall, the average yield across the Nigerian sovereign curve settled at 12.49%.
Trading activity in the domestic bourse was largely tepid amid lackluster sentiments observed across the board. The Nigerian Stock Exchange All Share Index (NGX ASI) closed flat at 51,802.48pts, while the year-to-date return remained stable at +21.27%.
The NGX Consumer Goods and Oil & Gas indices gained ca 0.09% and 0.07%, while the NGX Banking index lost ca 0.07%, day-on-day, respectively. The NGX Industrial Index closed flat.
Mutual Benefits Assurance Plc led the volume chart with ca 212.51 million units while Guaranty Trust Holding Company Plc topped the value charts with ca ₦867.54 million worth of trades.
FMDQ’s Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate depreciated to ₦424.88/US$1.00 from ₦421.50/US$1.00, recorded the previous day.
Global crude oil prices rose further, with supply concerns overriding worries about a weaker global economy. Brent Crude Oil price gained ca 0.87% day-on-day to settle at US$119.01pb, while WTI also grew ca 0.79% day-on-day to settle at US$112.65pb as at report time. Spot Gold dipped ca 0.15% day-on-day to close at US$1,818.40 per ounce as at report time.